The deadline for submitting your self-assessment tax return and settling any tax liabilities is swiftly approaching.
You have until January 31, 2026, to submit a tax return to HMRC for the tax year 2024/25, with an estimated 12 million individuals, including self-employed individuals, expected to file.
While most individuals have taxes automatically deducted from their salaries, those who are self-employed or have received additional untaxed income must fulfill tax obligations through self-assessment.
Various circumstances may necessitate filing a self-assessment tax return, with a complete list available below. Failure to submit your tax return on time will result in a £100 penalty.
Should you fail to file your self-assessment after three months, you will incur daily fines of £10, up to a maximum of £900. After six months, an additional penalty of 5% of the tax owed or £300 (whichever is higher) will be imposed, with a similar penalty after 12 months of non-filing.
Upon submission of your self-assessment tax return, you will receive information on the tax owed, with the payment deadline also set for January 31. Additionally, you are typically required to make an initial payment on account for the 2025/26 tax year.
A penalty of 5% will be levied on any outstanding tax after 30 days, six months, and 12 months, with interest accruing on late payments. According to Money Helper, a self-assessment form may be necessary under various circumstances.
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