The deadline to submit your self-assessment tax return and settle any tax liabilities 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 individuals have taxes automatically deducted from their salaries, those who are self-employed or have received additional untaxed income must manage their tax obligations through self-assessment.
There are various reasons why you might need to file a self-assessment tax return, with a complete list available below. Late submission of your tax return 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 the same penalty applied after 12 months of non-compliance.
Once you have submitted your self-assessment tax return, you will be notified of the amount of tax you owe, with the payment deadline also falling on January 31. Additionally, you are typically required to make your initial payment on account for the 2025/26 tax year.
A penalty of 5% of any outstanding tax will be levied after 30 days, six months, and 12 months. Late payment interest charges will also apply. According to Money Helper, you may need to complete a self-assessment form if:
– You are self-employed or a sole trader
– You are a partner in a business partnership
– You are a company director
– You have untaxed income, such as from renting out property or savings and investments
– Your income is over £100,000
– You have income from overseas that you need to declare
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