The deadline to submit your self-assessment tax return and settle any tax liabilities is quickly approaching. Individuals have until January 31, 2026, to file their tax return with HMRC for the tax year 2024/25. An estimated 12 million individuals, including self-employed individuals, are anticipated to complete this process.
While most people have taxes automatically deducted from their salaries, those who are self-employed or have received additional untaxed income must handle their tax obligations through self-assessment. Failure to file your tax return on time will result in a £100 penalty.
For individuals who continue to neglect their self-assessment obligations after three months, daily fines of £10 will be imposed, capped at £900. Subsequently, after six months, a penalty of 5% of the tax owed or £300 (whichever is higher) will be applied, with a similar penalty following at the 12-month mark for non-compliance.
Upon submitting your self-assessment tax return, you will be notified of the tax amount due. The deadline for tax payment, also set for January 31, typically includes the initial payment on account for the subsequent tax year, 2025/26.
A 5% charge will be levied on any outstanding tax after 30 days, six months, and 12 months. Late payment interest will also be accrued. According to Money Helper, individuals may be required to complete a self-assessment form if they fall under specific criteria.