The deadline to submit your self-assessment tax return and settle any tax liabilities is quickly approaching. You must file your tax return with HMRC for the 2024/25 tax year by January 31, 2026. It is anticipated that approximately 12 million individuals, including self-employed individuals, will be required to file their taxes.
While many individuals have taxes automatically deducted from their pay, those who are self-employed or have additional untaxed earnings must use the self-assessment method to pay taxes. Failure to submit your tax return on time will result in a £100 penalty. Furthermore, not filing after three months will incur daily fines of £10, up to a maximum of £900.
If you still haven’t filed after six months, you will face an additional penalty of 5% of the tax due or £300, whichever is higher. The same penalty will be applied after 12 months of non-compliance. Once you have completed your self-assessment tax return, you will be informed of the tax amount owed, which must also be paid by January 31. Additionally, you typically need to make the first 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. Interest will also be applied to overdue payments. According to Money Helper, you may need to fill out a self-assessment form if you meet certain criteria.