The deadline for submitting your self-assessment tax return and settling any outstanding tax is quickly approaching.
You have until January 31, 2026, to complete a tax return with HMRC for the 2024/25 tax period. An estimated 12 million individuals, including self-employed individuals, are anticipated to file their taxes.
While most individuals have taxes automatically deducted from their salaries, those who are self-employed or have received additional untaxed earnings must manage their tax obligations through self-assessment.
Various circumstances may necessitate the filing of a self-assessment tax return, detailed in a comprehensive list below. Failure to file on time will result in a £100 penalty.
Continued non-compliance beyond three months incurs additional daily fines of £10, capped at £900. Further penalties of 5% of the tax owed or £300, whichever is higher, are imposed after six months, with a repeat penalty after 12 months of non-compliance.
Upon submission of your self-assessment tax return, you will receive information on your tax liability. The deadline for settling this amount is also January 31, along with the requirement to make an initial payment on account for the 2025/26 tax year.
A 5% charge is applied to any outstanding tax after 30 days, six months, and 12 months, with interest accruing on delayed payments. According to Money Helper, a self-assessment form may be necessary under various circumstances.
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