With the self-assessment tax deadline of 31st January fast approaching, correct preparation can help to save you time, money and unnecessary stress. By ensuring that your documents are in order ahead of time, you can reduce the risk of errors, missed reliefs or HMRC penalties.
To help you to stay ahead, we have created a practical checklist of key actions to complete ahead of the 2024/25 tax deadline.
Whether you’re self-employed, a company director, a landlord, or have multiple sources of income, following these steps will ensure that your tax return is accurate, compliant, and as tax efficient as possible.
Confirm whether you need to submit a tax return
Not everyone realises that they need to file a self-assessment return. This is especially common amongst those who have recently begun their journey of self-employment or directorial role.
Typically, you will need to submit a tax return if you:
- Are self-employed or a sole trader earning over £1,000.
- Are a company director (unless income is taxed entirely via PAYE).
- Have earned over £1,000 from rental income this tax year.
- Receive dividends, foreign income or capital gains (depending on earnings).
- Claim Child Benefit and you or your partner earn over £60,000.
Key Action:
If your circumstances have changed throughout the 2024/25 tax year, it is important that you confirm whether you are required to submit a tax return. If you are in any doubt, speak to an accountant as early as possible.
Gather all income records for the 2024/25 tax year
Missing or incomplete information provided to HMRC can result in significant delays. To minimise the risk of this, start compiling (as applicable) your:
- Self-employment income and invoices.
- P60s, P45s, P11Ds.
- Dividend vouchers.
- Rental income statements.
- Bank interest certificates.
- Foreign income documentation.
Key action:
Keep digital copies of all income records in one secure folder throughout the year to avoid last-minute searching.
Organise allowable expenses and receipts for trading activity
Claiming back the correct expenses can significantly reduce your tax bill, but only if they are properly recorded and processed.
Common allowable expenses include:
- Office and working-from-home costs.
- Travel and mileage for business trips.
- Professional fees and subscriptions.
- Marketing and advertising costs.
- Equipment and software required for your work.
- Property maintenance (for landlords).
Key Action:
Ensure that all expenses submitted are wholly and exclusively for business use (are not used for any personal reasons) and are supported by receipts or statements. If you are uncertain as to what qualifies as an allowable expense, speak to an accountant.
Review tax allowances and reliefs you may be missing
Many taxpayers pay more tax than is required because they don’t claim every relief available to them.
Depending on your individual circumstances, you may be able to claim:
- Personal Allowance.
- Marriage Allowance.
- Pension contribution tax relief.
- Capital Gains Tax annual exemption.
- Trading Allowance or Property Allowance.
- Gift-Aid Relief.
- Loss relief from previous years.
Key Action:
Speak to an accountant to review your eligibility for allowances and reliefs before your return is finalised, ensuring you are claiming all you’re entitled to.
Check Payments on Account
If you’re self-employed, HMRC may require you to make Payments on Account. These are essentially payments towards your next tax bill.
These payments are due:
- 31st January 2026.
- 31st July 2026.
Key Action:
Review whether your income has changed significantly. You may be able to reduce your Payments on Account and improve your cashflow.
Plan for the tax you will owe
While the planning process can be stressful, the tax bill itself often causes the highest levels of anxiety, especially if it is higher than anticipated.
To avoid any unexpected surprises, it is strongly advised to:
- Request an estimated tax calculation prior to receiving the official bill.
- Set aside funds in advance throughout the year.
- If you are worried about your ability to pay you bill, our Insolvency team can help you to discuss a Time to Pay arrangement.
Looking ahead: Planning for the 2025/26 Tax Deadline
Tax deadlines can be a stressful time for many. To minimise this stress and to maximise your tax-efficiency, it is important to work with an accountant throughout the year to ensure accurate record keeping and help you to submit your tax returns in a timely manner.
Proper guidance and preparation provides several key benefits:
- More time for efficient tax planning.
- Few errors leading to delays.
- Reduced risk of HMRC penalties.
- Less stress at the end of the year.
Key dates to remember
Non-Making Tax Digital:
Those who earned less than £50,000 through their combined self-employed and rental income for the 2024/25 will not be required to adhere to Making Tax Digital guidelines.
- 5th April 2026 – The final day to use current tax allowances before they reset.
- 5th October 2026 – Deadline to register for Self-Assessment (if new).
- 31st January 2027 – Online tax return deadline & tax payment due.
- 31st July 2027 – Second Payment on Account (if applicable).
Remember, missing deadlines can result in automatic penalties, interest and HMRC scrutiny.
Making Tax Digital:
If your combined self-employed and rental income for the 2024/25 tax year exceeded £50,000, you will be required to follow the government’s new Making Tax Digital initiative. This involves a different timeline of key dates:
- 7th August 2026 – First Quarter Submission Deadline.
- 7th November 2026 – Second Quarter Submission Deadline.
- 7th February 2026 – Third Quarter Submission Deadline.
- 7th May 2026 – Fourth Quarter Submissions Deadline.
- 31st January 2027 – Final Declaration.
How can we help you to prepare for the tax deadline
The tax deadline doesn’t need to be a stressful time of year. With the right support, guidance and planning, your tax return can be accurate, compliant and tax-efficient with limited worry.
If you’re ready for expert guidance, proactive tax planning and early tax return submission, our team of experienced accountants are here to help.
Get in touch today and discover how we can help you to take control of your taxes throughout 2026.
