The deadline for submitting your self-assessment tax return and settling any tax liabilities is rapidly approaching.
You have until January 31, 2026, to submit your tax return to HMRC for the tax year 2024/25. It is estimated that approximately 12 million individuals, including self-employed individuals, will be filing their returns.
While most individuals have their 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.
There are various reasons why you might be required to file a self-assessment tax return, which can be found in a comprehensive list below. Failure to submit your tax return on time will result in a £100 penalty.
If you fail to file your self-assessment even after three months, you will face additional daily fines of £10, capped at £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 again after 12 months of non-compliance.
Upon submitting your self-assessment tax return, you will be notified of the amount of tax owed. The deadline for settling this amount is also January 31, and typically, you are required to make your initial payment on account for the 2025/26 tax year.
A penalty of 5% will be imposed on any outstanding tax 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 meet specific criteria.
