The deadline for submitting your self-assessment tax return and settling any tax liabilities is rapidly approaching.

By January 31, 2026, you must 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 many individuals have taxes automatically deducted from their salaries, those who are self-employed or have received additional untaxed income must handle their tax obligations through self-assessment.

There are various circumstances that may necessitate the submission of a self-assessment tax return, detailed in the list below. Failure to file your tax return by the deadline will result in a £100 penalty.

If you fail to submit your self-assessment even after three months, you will face additional fines of £10 per day, capped at £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 applying after 12 months if the return remains outstanding.

Upon completion of your self-assessment tax return, you will be informed of the amount of tax owed. The deadline for paying this tax is also January 31, and you typically need 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:

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