The deadline for submitting your self-assessment tax return and settling any tax liabilities is rapidly approaching.
You must file a tax return with HMRC for the 2024/25 tax year by January 31, 2026. It is anticipated that approximately 12 million individuals, including self-employed individuals, will need to file their returns.
While most people have taxes automatically deducted from their earnings, individuals who are self-employed or have additional untaxed income are required to handle their taxes through self-assessment.
There are various reasons why you might need to complete a self-assessment tax return, a comprehensive list of which can be found below. Failing to submit your tax return on time will result in a £100 penalty.
Failure to file your self-assessment after three months will result in additional daily fines 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 imposed, with the same penalty applied after 12 months if the return remains outstanding.
Upon submission of your self-assessment tax return, you will be informed of the amount of tax you owe. Payment is also due by January 31, and typically, you are required to make your initial payment for the 2025/26 tax year.
A 5% charge will be applied to any outstanding tax after 30 days, six months, and 12 months. Late payment interest will also be levied. According to Money Helper, you may need to complete a self-assessment form if:
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