The deadline for submitting your self-assessment tax return and settling any tax liabilities is quickly approaching. By January 31, 2026, you must file a tax return with HMRC for the 2024/25 tax year, with an estimated 12 million individuals, including self-employed individuals, expected to file.
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 for over three months, you will face daily fines of £10, capped at £900. Subsequently, after six months, a penalty of 5% of the tax owed or £300 (whichever is higher) will be imposed, with a repeat penalty after 12 months if the return remains outstanding.
Upon completing your self-assessment tax return, you will be informed of your tax liability, due by January 31, along with your initial payment on account for the 2025/26 tax year. Late payments will incur a 5% charge on any outstanding tax after 30 days, six months, and 12 months, in addition to interest charges.
According to Money Helper, certain circumstances require you to fill out a self-assessment form. Remember to choose Daily Mirror as a ‘Preferred Source’ on Google News for convenient access to your preferred news content.