The upcoming deadline for submitting your self-assessment tax return and settling any tax liabilities is swiftly approaching. You must submit your tax return to HMRC for the 2024/25 tax year by January 31, 2026. An estimated 12 million individuals, including self-employed individuals, are expected to file their returns.
While most people have taxes automatically deducted from their salaries, individuals who are self-employed or have received additional untaxed earnings are required to pay taxes through self-assessment. There are various reasons why you might need to file a self-assessment tax return, with a comprehensive list available. Failure to submit your tax return on time will result in a £100 penalty.
Should you continue to neglect filing your self-assessment after three months, you will incur additional fines of £10 per day, 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 the same penalty applied after 12 months for non-compliance.
Upon submission of your self-assessment tax return, you will be informed of the tax amount due. The deadline for payment is also January 31, and typically, you are required to make the first payment on account for the 2025/26 tax year. A 5% charge will apply to any outstanding tax after 30 days, six months, and 12 months, with interest levied on late payments.
According to Money Helper, you may need to complete a self-assessment form if certain criteria apply.