The deadline for submitting your self-assessment tax return and settling any tax liabilities is quickly approaching.
By January 31, 2026, individuals must file a tax return with HMRC for the 2024/25 tax year, with an estimated 12 million people, including self-employed individuals, anticipated to file.
While most individuals have tax automatically deducted from their pay, those who are self-employed or have received additional untaxed income must fulfill their tax obligations through self-assessment.
Various circumstances may necessitate the filing of a self-assessment tax return, with a comprehensive list available below. Failure to submit your tax return on time will result in a £100 penalty.
For every day beyond three months that your self-assessment remains outstanding, you will face additional fines of £10, up to a maximum of £900. After six months, a further penalty of 5% of the tax owed or £300, whichever is higher, will be imposed, with a similar penalty after 12 months of non-compliance.
Once your self-assessment tax return is filed, the amount of tax owed will be communicated to you. The deadline for settling this tax is also January 31, and typically, the first payment on account for the 2025/26 tax year is required.
A 5% charge will apply to any unpaid tax after 30 days, six months, and 12 months, in addition to interest on overdue payments. According to Money Helper, filling out a self-assessment form may be necessary if certain conditions are met.