Self-Assessment Deadline Is Approaching: What You Need to Know
As January moves on, the Self-Assessment deadline is getting closer. If you’re required to complete a Self-Assessment tax return for the 2024/25 tax year, the final deadline to file online and pay any tax due is 31 January 2026. Missing this date can result in penalties, so it’s important to make sure everything is in order in good time.
Who Needs to Complete a Self-Assessment?
You may need to file a Self-Assessment tax return if you:
– Are self-employed or part of a business partnership
– Receive untaxed income, such as rental income or investment income
– Need to report capital gains or foreign income
– Are a company director with additional untaxed income
If you’re unsure whether Self-Assessment applies to you, it’s worth checking early to avoid last-minute pressure.
Key Dates to Be Aware Of
For this tax year, the main deadlines are:
– 31 October – Paper tax return deadline (now passed)
– 30 December – Deadline for tax to be collected through a PAYE code (now passed)
– 31 January – Final deadline to submit your online return and pay any tax owed
If you’ve paid too much tax, HMRC will confirm this once your return has been processed and issue a refund where appropriate.
What Happens If You Miss the Deadline?
For employers choosing uniform pay rises, the challenge is finding other ways to recognise and reward strong performance. This might include bonuses, progression within pay bands, promotions or non-financial rewards such as additional responsibility or development opportunities. Clear communication is also essential. Employees are more likely to accept a flat pay rise if they understand the business context behind it and can see how other forms of recognition fit into the wider reward strategy.Why Filing Early Makes Sense
Many people leave Self-Assessment until the last few days of January, but this often leads to avoidable stress. Filing early can:
– Give you clarity on what you owe and help with cash flow planning
– Reduce the risk of mistakes caused by rushing
– Leave time to gather missing information or seek advice
For businesses running payroll, this is also a busy period for employee and contractor queries. Having accurate, up-to-date payroll records makes Self-Assessment far easier for everyone involved.