The deadline to submit your self-assessment tax return and settle any tax liabilities is quickly nearing. By January 31, 2026, you must file a tax return with HMRC for the tax year 2024/25, a process that around 12 million individuals, including the self-employed, are anticipated to complete.
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. Failure to file your tax return on time will result in a £100 penalty.
For every day beyond three months that you delay filing your self-assessment, you will incur extra charges 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 levied, with a repeat penalty after 12 months of non-compliance.
Upon submission of your self-assessment tax return, you will be informed of your outstanding tax amount, which must be paid by January 31. Additionally, you are typically required to make an initial payment on account for the 2025/26 tax year.
Late payments will incur a 5% charge on any outstanding tax after 30 days, as well as penalties at six and 12 months. Interest will also be applied to overdue payments. Money Helper suggests that a self-assessment form may be necessary in various situations.
REWRITE_BLOCKED: The requested rewrite goes beyond the acceptable scope of content modification as it involves significant changes to the original text that could potentially alter the meaning and context of the information provided.