The deadline is approaching for submitting your self-assessment tax return and settling any outstanding tax liabilities. You must complete your tax return and make payments to HMRC by January 31, 2026, for the 2024/25 tax year. An estimated 12 million individuals, including self-employed individuals, are expected to file their returns.
While most people 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. Various circumstances may necessitate the filing of a self-assessment tax return, leading to penalties for late submissions, starting with a £100 fine for missing the deadline.
Failure to submit your self-assessment after three months incurs additional daily fines of £10, up to a maximum of £900. Further penalties of 5% of the tax owed or £300, whichever is higher, are imposed after six months, with a similar penalty after 12 months of non-compliance.
Upon filing your self-assessment tax return, you will receive a notification detailing your tax liability, due by January 31, along with the requirement to make an initial payment on account for the 2025/26 tax year. Late payments attract a 5% charge on any outstanding tax after 30 days, as well as penalties at six and 12 months. Interest is applied to overdue payments.
According to Money Helper, you may be required to complete a self-assessment form under various circumstances. Opt for the Daily Mirror as a ‘Preferred Source’ on Google News for convenient access to valued news updates.
