The deadline for submitting your self-assessment tax return and settling any outstanding tax is quickly approaching.
You have until January 31, 2026, to submit your tax return to HMRC for the 2024/25 tax period. An estimated 12 million individuals, including self-employed individuals, are anticipated to file their taxes.
While most people have taxes automatically deducted from their pay, those who are self-employed or have received additional untaxed income must handle their taxes through self-assessment.
Various circumstances may necessitate the filing of a self-assessment tax return, detailed below. Failure to file on time will result in a £100 penalty.
Should you fail to submit your self-assessment after three months, you will incur additional daily fines of £10, 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 of non-filing.
Upon filing your self-assessment tax return, you will be informed of your tax liability. The deadline for payment is also January 31, and an initial payment on account for the 2025/26 tax year is typically required.
A 5% charge applies to any outstanding tax after 30 days, six months, and 12 months, with interest levied on delayed payments. Money Helper suggests that a self-assessment form may be necessary if:
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