Self Assessment Tax Returns: Don’t Miss the January Deadline

As we approach the end of the year, many individuals still haven’t completed their Self Assessment tax return. However, the deadline is fast approaching, and now is the time to act.

For the 2024/25 tax year, the deadline for submitting your Self Assessment tax return online is 31 January 2026, and any tax owed must also be paid by this date.

Self Assessment is used by HMRC to collect tax from individuals whose income isn’t fully taxed at source. This includes self-employed workers, landlords, company directors, and individuals with significant additional income.

If you miss the deadline, HMRC automatically issues a £100 late filing penalty, even if you don’t owe any tax. Additional penalties may apply if your return remains outstanding for longer periods, making it important to submit your return on time.

December is a good opportunity to review your finances and ensure your tax return is nearly complete before the January rush begins. Waiting until the final weeks of January can lead to technical issues, forgotten documents, or delays in accessing HMRC systems.

Preparing early can also highlight opportunities to claim allowable expenses that may reduce your tax bill. For self-employed individuals, this might include business costs such as equipment, travel, office expenses, or professional services.

If you’re unsure what expenses you can claim or how to complete your return, professional guidance can be extremely valuable. An accountant can help ensure your tax return is accurate and submitted correctly.

At Total Tax Solutions, we work closely with clients to prepare and submit Self Assessment tax returns efficiently and accurately. If you still need to file your return, now is the time to get it organised and avoid the stress of a last-minute deadline.

Contact us today on 01325 488788, or alternatively, fill in our contact form here and we will be in touch with you as soon as possible.