The deadline for filing the 2023/24 self-assessment return online is 31 January 2025*.
While this deadline may seem ages away, it’s important not to let your tax return slip your mind. HMRC will not forgive you for a late filing. Even if your return is only one day late and/or there is no tax to pay, they will still charge you a penalty.
You can avoid a fine by submitting your return well before the deadline, which means that now is a great time to be preparing all your information to send across to your accountant well in advance of the New Year. Although we are number ninjas, our super-powers don’t extend to bending time, so if you only hand your information to us on the deadline date, it’s unlikely we’ll have time to turn your return around to avoid a fine!
If you only have a tax liability of £3000 or less, you may want to pay this via an adjustment to your tax code, in which case the deadline is even earlier – 30th December 2024. If this situation applies to you then again you’ll need to get your information over to your accountant well before the deadline, as we close for staff holiday on Christmas Eve and don’t reopen until January.
It’s not just your self-assessment return that you need to consider, but the payment of the tax owing for 2023/24, which is also due by 31st January 2025.
In addition, the first payment on account for the 2024/25 tax year is due by the same date. Payments on account must be made where the previous year’s liability was £1,000 or more unless 80% of your tax liability is deducted at source, such as under PAYE. Each payment on account is 50% of the previous tax year’s tax and Class 4 National Insurance liability. The second payment on account for 2024/25 must be paid by 31 July 2025.
Filing your tax return early helps avoid unnecessary stress for both you and your accountant! If you have queries about when your self-assessment return and tax payments are due, please speak to a member of our team.
* Where a notice to file a return was issued after 31 October 2024, a later deadline of three months from the date of issue of the notice to file applies.
