The deadline to submit your self-assessment tax return and settle any owed taxes is quickly approaching. You have until January 31, 2026, to file your tax return with HMRC for the 2024/25 tax year. It is anticipated that approximately 12 million individuals, including self-employed individuals, will be filing their taxes.

While most people have taxes automatically deducted from their paychecks, those who are self-employed or have received additional untaxed income must handle their taxes through self-assessment. Failure to submit your tax return on time will result in a £100 penalty.

For those who continue to neglect their self-assessment after three months, additional fines of £10 per day, up to a maximum of £900, will be imposed. After six months, a further penalty of 5% of the tax owed or £300, whichever is higher, will be charged, with a repeat of the same penalty after 12 months of non-compliance.

Once you have filed your self-assessment tax return, you will be informed of the amount of tax you owe, with the deadline for payment also set for January 31. Additionally, you will likely need to make your first payment on account for the 2025/26 tax year. Late payments will incur a 5% charge on any outstanding tax after 30 days, as well as penalties and interest on overdue payments.

According to Money Helper, you may be required to complete a self-assessment form if you fall under certain criteria.