The deadline to submit your self-assessment tax return and settle any outstanding taxes is quickly approaching. You must file your tax return with HMRC for the 2024/25 tax year by January 31, 2026. Approximately 12 million individuals, including self-employed individuals, are anticipated to file their returns.
While most individuals have taxes automatically withheld from their paychecks, those who are self-employed or have additional untaxed income 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. Failure to file your tax return on time will result in a £100 penalty.
If you continue to neglect submitting your self-assessment after 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 imposed, with a similar penalty after 12 months of non-compliance.
Once you have filed your self-assessment tax return, you will be informed of the amount of tax you owe. The deadline for payment is also January 31, and you typically must make your initial payment on account for the 2025/26 tax year. Any outstanding tax after 30 days, six months, and 12 months will incur a 5% charge, along with interest on late payments.
According to Money Helper, you may be required to complete a self-assessment form in various circumstances.