The deadline to submit your self-assessment tax return and settle any tax owed is quickly approaching. You must file your tax return with 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, those who are self-employed or have earned additional untaxed income 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 penalty of £100 for late filing.
Failure to file your self-assessment after three months incurs additional daily 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, is imposed, with a repeat penalty after 12 months of non-filing.
Upon submitting your self-assessment tax return, you will receive information on the amount of tax due. The deadline for settling this tax is also January 31, along with the requirement to make an initial payment on account for the 2025/26 tax year. Late payments attract a 5% charge on any outstanding tax after 30 days, six months, and 12 months, with additional interest applied.
According to Money Helper, you may need to complete a self-assessment form if certain criteria apply.