The deadline to submit your self-assessment tax return and settle any taxes owed is rapidly approaching. You must complete your tax return by January 31, 2026, for the 2024/25 tax year with HMRC, expecting around 12 million individuals, including self-employed individuals, to file.
While most people have taxes automatically deducted from their pay, self-employed individuals or those with additional untaxed earnings must handle their taxes through self-assessment. Failure to file on time incurs a £100 fine, with additional daily fines of £10, up to £900, for delays beyond three months.
Further penalties include a 5% charge or £300 (whichever is higher) after six months, and an additional penalty after 12 months for non-filing. Payment of the owed tax is also due by January 31, along with the first payment on account for the next tax year.
Late tax payments will incur a 5% charge after 30 days, and interest will apply. According to Money Helper, you may need to complete a self-assessment form under certain circumstances.