The deadline to submit your self-assessment tax return and settle any owed taxes is rapidly approaching. You must file your tax return with HMRC for the 2024/25 tax year by January 31, 2026. It is estimated that approximately 12 million individuals, including self-employed individuals, will need to file their returns.
While most people have their taxes automatically deducted from their paychecks, those who are self-employed or have additional untaxed income must use the self-assessment method to pay taxes. Failure to submit your tax return on time will result in a £100 penalty.
If you continue to delay filing your self-assessment beyond three months, you will face daily fines of £10, up to a maximum of £900. Further penalties of 5% of the tax owed or £300, whichever is higher, will be imposed after six months, and the same penalty will apply after 12 months of non-compliance.
Upon completing your self-assessment tax return, you will be informed of the amount of tax you owe, which must also be paid by January 31. Additionally, you will likely need to make an initial payment on account for the 2025/26 tax year. Late payments will incur a 5% charge on any outstanding tax after 30 days, six months, and 12 months, with interest levied on overdue payments.
According to Money Helper, you may be required to fill out a self-assessment form if you fall into certain categories.