The deadline to submit your self-assessment tax return and settle any tax liabilities is quickly approaching. You must file your tax return with HMRC for the 2024/25 tax year by January 31, 2026. An estimated 12 million individuals, including self-employed individuals, are anticipated to file their returns.
While most individuals have taxes automatically deducted from their pay, those who are self-employed or have additional untaxed income are required to fulfill their tax obligations through self-assessment. There are various circumstances that may necessitate the submission of a self-assessment tax return, detailed below. Failure to file your tax return on time will result in a £100 penalty.
For each day your self-assessment remains outstanding after three months, you will incur additional fines of £10, up to a maximum of £900. After six months, a penalty of 5% of the tax owed or £300 (whichever is higher) will be imposed, with a similar penalty applied after 12 months if the return is still outstanding.
Upon submitting your self-assessment tax return, you will receive information on your tax liability, which must be paid by January 31. Additionally, you may be required to make an initial payment on account for the 2025/26 tax year. Late payments will incur a 5% charge on any outstanding tax after 30 days, as well as penalties at the six-month and 12-month marks. Interest will also be levied on overdue payments.
Money Helper indicates that you may need to complete a self-assessment form if certain conditions apply.