The deadline for submitting your self-assessment tax return and settling any tax liabilities is quickly approaching. You must complete the tax return by January 31, 2026, for the 2024/25 tax year to HMRC. An estimated 12 million individuals, including self-employed individuals, are anticipated to file their tax returns.
While most individuals have taxes automatically deducted from their pay, those who are self-employed or have additional untaxed earnings are required to pay taxes through self-assessment. There are various reasons why you might need to file a self-assessment tax return, with a comprehensive list available below. Late filing incurs a £100 penalty.
Failure to file your self-assessment after three months results in additional daily fines of £10, up to a maximum of £900. After six months, a further penalty of 5% of the tax due or £300, whichever is higher, is imposed, with the same penalty applied after 12 months if the return remains outstanding.
Upon submission of your self-assessment tax return, you will be informed of the tax amount owed. The payment deadline for this is also January 31, and typically, the first payment on account for the 2025/26 tax year is required. A 5% charge is applied on any outstanding tax after 30 days, six months, and twelve months, with interest levied on late payments.
According to Money Helper, a self-assessment form may need to be completed if certain criteria are met.
