The deadline to submit your self-assessment tax return and settle any tax liabilities is rapidly approaching.
You have until January 31, 2026, to file your tax return with HMRC for the 2024/25 tax period. An estimated 12 million individuals, including self-employed individuals, are anticipated to file their returns.
While most individuals have taxes automatically deducted from their salaries, self-employed individuals or those with additional untaxed earnings must fulfill their tax obligations through self-assessment.
Various circumstances may necessitate the submission of a self-assessment tax return, detailed in a comprehensive list below. Late filing incurs a penalty of £100.
Failure to submit your self-assessment after three months results in additional daily fines of £10, up to a maximum of £900. Subsequently, penalties of 5% of the tax owed or £300, whichever is higher, are imposed after six months, with a repeat penalty after 12 months of non-compliance.
Upon filing your self-assessment tax return, you will receive the tax amount due, which must be paid by the January 31 deadline. Additionally, an initial payment on account for the 2025/26 tax year is usually required.
A 5% charge applies to any outstanding tax after 30 days, six months, and 12 months. Late payment incurs interest charges. According to Money Helper, a self-assessment form may be necessary under certain circumstances.
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