The deadline for submitting your self-assessment tax return and settling any tax liabilities is rapidly approaching.
You must complete your tax return by January 31, 2026, to HMRC for the 2024/25 tax period, with an estimated 12 million individuals, including self-employed individuals, expected to file.
While most people have taxes automatically withheld from their paychecks, individuals who are self-employed or have additional untaxed earnings must handle tax payments through self-assessment.
Various circumstances may necessitate the filing of 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 for three months, you will face additional daily fines of £10, up to a maximum of £900.
After six months, a further penalty of 5% of the tax owed or £300, whichever is higher, will be applied, with the same penalty enforced after 12 months if the return remains outstanding.
Once your self-assessment tax return is submitted, the amount of tax owed will be communicated to you. The deadline for payment is also January 31, and an initial payment on account for the 2025/26 tax year is typically required.
A 5% charge will be levied on any outstanding tax after 30 days, six months, and 12 months, along with interest on late payments. According to Money Helper, a self-assessment form may need to be completed if:
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