The deadline to submit your self-assessment tax return and settle any tax liabilities is quickly approaching. By January 31, 2026, individuals must file their tax returns with HMRC for the 2024/25 tax year, with an estimated 12 million people, including self-employed individuals, expected to comply.
While most individuals have taxes automatically deducted from their salaries, those who are self-employed or have additional untaxed earnings must fulfill their tax obligations through self-assessment. Failure to file on time incurs a £100 penalty, with additional daily fines of £10, up to £900, for delays exceeding three months.
Late submission beyond three months results in further penalties of £10 per day, capped at £900. After six months, a penalty of 5% of the tax owed or £300 (whichever is higher) is imposed, and the same penalty recurs after 12 months of non-compliance.
Upon submission of the self-assessment tax return, the tax amount due is communicated, with the payment deadline also set for January 31. Additionally, the first payment on account for the 2025/26 tax year is typically required. Failure to settle tax dues within 30 days, six months, and 12 months incurs a 5% charge on outstanding taxes, alongside interest on late payments.
Money Helper suggests that individuals may be required to complete a self-assessment form for various reasons.