The deadline is quickly approaching for submitting your self-assessment tax return and settling any outstanding taxes. You have until January 31, 2026, to submit your tax return for the 2024/25 tax year to HMRC. It is estimated that approximately 12 million individuals, including those who are self-employed, will need to file their tax returns.
While most individuals have taxes automatically deducted from their salaries, those who are self-employed or have additional untaxed earnings must handle their tax obligations through self-assessment. Failure to file your tax return on time will result in a £100 penalty.
If you continue to neglect your self-assessment after three months, you will face additional daily fines of £10, up to a maximum of £900. Beyond that, you will incur a further penalty of 5% of the tax owed or £300, whichever is higher, after six months and again after 12 months if you still haven’t submitted your return.
Upon completing your self-assessment tax return, you will be informed of the outstanding tax amount. The deadline for paying this tax is also January 31, and you are usually required to make your initial payment on account for the 2025/26 tax year.
Any unpaid tax after 30 days, as well as after six and 12 months, will incur a 5% charge. Late payments will also be subject to interest charges. Money Helper suggests that you may need to complete a self-assessment form if certain conditions apply.