The deadline to submit your self-assessment tax return and settle any outstanding taxes is quickly approaching.
Individuals have until January 31, 2026, to file a tax return with HMRC for the 2024/25 tax year. It is estimated that about 12 million individuals, including self-employed individuals, will be filing their taxes.
While most people have their taxes automatically deducted from their salaries, individuals who are self-employed or have received additional untaxed income must use the self-assessment method to pay taxes.
There are various reasons why you might need to submit a self-assessment tax return, with a comprehensive list available below. Failure to file your tax return on time will result in a £100 penalty.
If you continue to neglect your self-assessment after three months, you will incur additional daily fines of £10, capped at £900. After six months, a further penalty of 5% of the tax due or £300, whichever is higher, will be applied, with the same penalty repeated after 12 months if the return is still outstanding.
Upon filing your self-assessment tax return, you will be informed of the tax amount owed. The deadline to settle this tax is also January 31, and typically, the first payment on account for the 2025/26 tax year is required.
A penalty of 5% will be levied on any unpaid tax after 30 days, six months, and 12 months, in addition to interest on late payments. According to Money Helper, you may need to complete a self-assessment form if:
[End of the rewritten article]