Self Assessment Tax Return
This guide relates to the tax year starting 6th April 2023 and ended 5th April 2024.
The deadline for filing the return is 31st January 2025.
Late filing incurs an immediate penalty of £100 which increases.
Any tax liability is also due to be paid on 31st January 2025.
Late payment incurs interest on the amount unpaid after this date.
If you're short on time and need to file your Self Assessment tax return by the 31st January 2025 deadline, don't panic - here's a streamlined guide to help you get everything done efficiently:
1. Confirm Whether You Need to File
Check immediately if you’re required to complete a Self Assessment tax return. You must file if, in the tax year 2023-24, you:
Were self-employed and earned over £1,000.
Received untaxed income (e.g., rental income, dividends, savings interest).
Had additional income on top of your employment.
If you're unsure, refer to HMRC’s criteria.
2. Register for Self Assessment (if not already registered)
Action Required: If this is your first time filing, register NOW on the HMRC website.
Key Point: It takes up to 10 days to receive your Unique Taxpayer Reference (UTR) and activation code by post. Do this immediately to avoid delays.
If already registered, ensure you have your UTR and online account login details - this is your 10-digit number found on any letters or on your online account.
3. Gather All Your Financial Information
What You’ll Need:
Employment income (P60 or P45).
Self-employment income and expense records (even if incomplete).
Rental income or other untaxed income.
Bank interest, dividends, or investment income.
Pension contributions or gift aid donations (for tax relief).
Quick Tip: If you're missing some records, use estimates based on your bank statements or invoices and label them as "estimated." You can amend your return later if needed.
4. Use HMRC’s Online Service
If you’re not comfortable using HMRC’s online platform or don’t have time to learn it, consider external software to simplify the process:
5. Simplify Your Calculations
Use the Cash Basis (if applicable):
Only record income and expenses when money was received or paid out.
Ideal if your turnover is under £150,000.
Claim flat-rate expenses for vehicles or working from home where possible.
Aggregate Expenses:
Group expenses under broad categories (e.g., "Office Costs," "Travel") to save time. HMRC allows this as long as the totals are accurate.
Skip the Complexity: If you don’t plan to claim anything complex (like capital allowances), focus only on essential deductions to avoid delays.
6. Fill in Your Return
Log In: Access your online account via the HMRC portal.
Key Forms:
SA100 (Main form for income and deductions).
SA103S (For self-employment, if turnover is below £85,000).
Other supplementary pages (e.g., SA105 for rental income).
7. Pay Your Tax
Deadline: Pay any tax owed by 31 January 2025. This includes:
Balancing payment for 2023-24.
Your first Payment on Account for 2024-25 (if applicable).
How to Pay: Use faster methods like online banking or debit/credit card. Avoid postal payments as these may delay.
8. Check and Submit
Double-check for errors or missing information.
Submit your return online well before 11:59 pm on 31 January 2025 to avoid last-minute tech issues with HMRC's system.
9. Keep Records
Even if you're rushing, save all records and receipts used for your return. You’ll need them if HMRC asks questions later.
10. Avoid Penalties
Missing the deadline will result in:
A £100 penalty (even if no tax is due).
Additional penalties if over 3 months late.
Emergency Tips for Last-Minute Filers:
Don’t Overcomplicate: Use HMRC’s flat-rate and simplified expense options.
Use Software or an Advisor: TaxScouts can complete your return in as little as 48 hours.
File First, Amend Later: Submit your return with best estimates to avoid the deadline, then correct it later (you have until January 2026 to make amendments).
By following these steps, you can meet the deadline, stay compliant, and avoid unnecessary stress.
