The deadline to submit your self-assessment tax return and settle any outstanding taxes is quickly approaching. You have until January 31, 2026, to file your tax return with HMRC for the 2024/25 tax year. Approximately 12 million individuals, including self-employed individuals, are anticipated to complete this process.

While most individuals have taxes automatically deducted from their pay, those who are self-employed or have additional untaxed earnings must handle their taxes through self-assessment. There are various reasons why you might need to file a self-assessment tax return, with a comprehensive list available below. Failure to submit your tax return on time will result in a £100 penalty.

If you fail to file your self-assessment after three months, you will incur additional daily fines of £10, up to a maximum of £900. Beyond six months, you will face a further penalty of 5% of the tax owed or £300, whichever is higher, with a similar penalty after 12 months of non-compliance.

Upon submission of your self-assessment tax return, you will be informed of the tax amount due. The deadline for paying this tax is also January 31, and typically, you are required to make your initial payment on account for the 2025/26 tax year.

A 5% charge will be levied on any outstanding tax after 30 days, six months, and 12 months. Late payment interest will also be applied. According to Money Helper, you may need to complete a self-assessment form if you meet certain criteria.