Most people have tax deducted automatically from their wages – but those who work for themselves, or have earned extra untaxed income, need to pay tax through self-assessment
The deadline for filing your self-assessment tax return and paying any tax owed is fast approaching.
You have until January 31, 2026, to file a tax return to HMRC for the 2024/25 tax year. Around 12 million people are expected to file, including those who are self-employed.
Most people have tax deducted automatically from their wages – but those who work for themselves, or have earned extra untaxed income, need to pay tax through self-assessment.
There are lots of other reasons why you may need to file a self-assessment tax return – you can find a full list below. If you file your tax return late, you will be fined £100.
If you still don’t file your self-assessment after three months, you’ll be charged additional fines of £10 a day, up to a maximum of £900.
After six months, you’ll get a further penalty of 5% of the tax owed or £300, whichever is greater, and you’ll pay the same again after 12 months if you still haven’t filed.
Once you have filed your self-assessment tax return, you will be told how much tax you owe. The deadline for paying this is also January 31 – plus, you normally have to make your first payment on account for the 2025/26 tax year.
You will be charged 5% of any tax unpaid after 30 days, six months and 12 months. Interest will also be charged on late payments. According to Money Helper, you may need to fill out a self-assessment form if:
- Your self-employment income was more than £1,000 (before taking off anything you can claim tax relief on)
- Your income from renting out property was more than £2,500 (you’ll need to contact HMRC if it was between £1,000 and £2,500)
- You earned more than £2,500 in untaxed income, for example from tips or commission
- Your income from savings or investments was £10,000 or more before tax
- You need to pay Capital Gains Tax on profits from selling things like shares or a second home
- You’re a director of a company (unless it was a non-profit organisation, such as a charity)
- You, or your partner’s, income was over £60,000 and you’re claiming Child Benefit
- You have income from abroad that you need to pay tax on, or you live abroad but have an income in the UK
- Your total taxable income was over £150,000
- You’re a trustee of a trust or registered pension scheme
- Your state pension was your only source of income and was more than your personal allowance
- You received a P800 from HMRC saying you didn’t pay enough tax last year
