The deadline is approaching for submitting your self-assessment tax return and settling any outstanding tax liabilities. You must complete your tax return by January 31, 2026, for the 2024/25 tax year to HMRC, with an estimated 12 million individuals, including self-employed persons, expected to file.
While most individuals have taxes automatically deducted from their pay, those who are self-employed or have additional untaxed income are required to handle tax payments through self-assessment. Failure to file on time incurs a £100 penalty, with additional daily fines of £10 up to a maximum of £900 if not filed within three months.
Further delays result in penalties of 5% of the tax owed or £300 (whichever is higher) after six months, and the same penalty after 12 months if the return remains outstanding. Following the submission of your self-assessment tax return, you will be informed of the amount due, which must also be paid by January 31, along with the first payment on account for the 2025/26 tax year.
A 5% charge is imposed on any unpaid tax after 30 days, six months, and 12 months, accompanied by interest on late payments. As per Money Helper, you may be required to complete a self-assessment form under various circumstances.
