The deadline for submitting your self-assessment tax return and settling any tax obligations is quickly approaching.
By January 31, 2026, individuals must submit a tax return to HMRC for the 2024/25 tax period, with an estimated 12 million people, including self-employed individuals, anticipated to file.
While most individuals have tax automatically deducted from their salaries, those who are self-employed or have received additional untaxed income must handle their tax responsibilities through self-assessment.
Various circumstances may necessitate the filing of a self-assessment tax return, details of which can be found below. Late submission of tax returns incurs a £100 penalty.
Failure to file your self-assessment after three months will result in 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, will be imposed, with a similar penalty after 12 months if the return remains outstanding.
Upon filing your self-assessment tax return, you will be informed of the tax owed, which must also be paid by January 31, along with the first payment on account for the 2025/26 tax year.
A 5% charge applies to any outstanding tax after 30 days, six months, and 12 months, accompanied by interest on late payments. Money Helper advises that a self-assessment form may be necessary under certain circumstances.
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