The deadline for submitting your self-assessment tax return and settling any tax owed is quickly approaching. You must complete the tax return by January 31, 2026, for the 2024/25 tax year with HMRC expecting around 12 million individuals, including self-employed individuals, to file.
While most people have their taxes automatically deducted from their pay, those who are self-employed or have additional untaxed earnings must handle their tax obligations through self-assessment. Failure to file your tax return on time will result in a £100 penalty.
If you continue to delay submitting your self-assessment beyond three months, you will face daily fines of £10, capped at £900. Moreover, after six months, a penalty of 5% of the tax owed or £300 (whichever is higher) will be imposed, with a similar penalty after 12 months if the return remains outstanding.
Upon completing your self-assessment tax return, you will be notified of the tax amount due, which must also be paid by January 31. Additionally, you may be required to make an initial payment towards the 2025/26 tax year. Failure to pay any outstanding tax within 30 days, six months, and twelve months will incur a 5% charge, along with interest on late payments.
According to Money Helper, circumstances that may necessitate filling out a self-assessment form include various factors outlined on their website.