The deadline to submit your self-assessment tax return and settle any tax liabilities is rapidly approaching. You have until January 31, 2026, to file your tax return with HMRC for the 2024/25 tax year. It is estimated that approximately 12 million individuals, including self-employed individuals, will need to file their tax returns.
While most people have their taxes automatically deducted from their salaries, those who are self-employed or have earned additional untaxed income are required to pay taxes through self-assessment. Failure to file your tax return on time will result in a £100 penalty. If you continue to neglect filing after three months, you will incur additional daily fines of £10, up to a maximum of £900.
After six months, a further penalty of 5% of the tax due or £300, whichever is greater, will be imposed, with the same penalty being applied after 12 months if the filing is still outstanding. Once you have submitted your self-assessment tax return, you will be informed of the amount of tax owed. The deadline for paying this tax is also January 31, and you typically need to make your initial payment on account for the 2025/26 tax year.
A 5% charge will be applied to any outstanding tax after 30 days, six months, and 12 months, along with interest on late payments. Money Helper indicates that you may be required to complete a self-assessment form under various circumstances.