The process of submitting a Self Assessment tax return can seem overwhelming, leading numerous individuals to miss the deadline on 31 January.
The HMRC reports that, in 2024, approximately 1.1 million people did not meet the tax return submission deadline.
Unsure if you needed to file a Self Assessment tax return? HMRC's Self Assessment tool and the following list can help determine if you need to file one. You should file a tax return if:
- You or your partner received child benefit and one of you earns over £50,000 annually.
- You earned over £2,500 from untaxed income sources, such as tips, commission, property rental, income from savings, investments, dividends, or foreign income.
- You're a self-employed individual with earnings above £1,000.
- You're a partner in a business partnership.
- You're an employee claiming work-related expenses over £2,500.
- Your annual income exceeds £100,000.
The 31 January deadline is crucial for settling any tax due for the prior tax year (also called a balancing payment) and making your initial payment on account.
Additionally, there's a 31 July deadline for your second payment on account.
This article will guide you through the necessary steps if you've missed the 31 January deadline for filing your tax return and settling your tax bill.