The deadline for submitting your self-assessment tax return and settling any outstanding taxes is approaching rapidly. Individuals have until January 31, 2026, to file their tax returns with HMRC for the 2024/25 tax year. It is anticipated that approximately 12 million individuals, including self-employed individuals, will be filing their returns.
While most people have their taxes automatically deducted from their salaries, those who are self-employed or have additional untaxed earnings must fulfill their tax obligations through self-assessment. Failure to file your tax return on time will result in a penalty of £100.
For individuals who continue to neglect their self-assessment obligations after three months, daily fines of £10 will be imposed, up to a maximum of £900. After six months, an additional penalty of 5% of the tax due or £300, whichever is higher, will be levied, with a similar penalty applied after 12 months of non-compliance.
Upon submission of your self-assessment tax return, you will receive information on the amount of tax you owe, which must be paid by January 31. Additionally, the first payment on account for the 2025/26 tax year is typically required. Failure to pay any outstanding tax within 30 days, six months, and twelve months will incur a 5% charge. Interest will also be applied to late payments.
According to Money Helper, there are various circumstances under which individuals may need to complete a self-assessment form.
