The deadline to submit your self-assessment tax return and settle any outstanding tax is quickly approaching.
You have until January 31, 2026, to submit your tax return to HMRC for the 2024/25 tax year. An estimated 12 million individuals, including self-employed individuals, are anticipated to file their returns.
While most people have taxes automatically deducted from their salaries, individuals who are self-employed or have additional untaxed earnings must fulfill their tax obligations through self-assessment.
Various circumstances may necessitate the filing of a self-assessment tax return, which can be found in a comprehensive list below. Failure to submit your tax return on time will result in a £100 penalty.
If you do not submit your self-assessment even after three months, you will face additional fines of £10 per day, up to a maximum of £900.
Beyond six months, a further penalty of 5% of the tax owed or £300, whichever is higher, will be imposed, with a similar penalty applied after 12 months if the return remains outstanding.
Upon filing your self-assessment tax return, you will be informed of the tax amount owed. The deadline for payment is also January 31, and typically, the first payment on account for the 2025/26 tax year is required.
A penalty of 5% will be applied to any outstanding tax after 30 days, as well as after six and 12 months. Late payment interest will also be levied. According to Money Helper, a self-assessment form may need to be completed if:
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