Self-Assessment Deadline is Approaching: What You Need to Do Now!
The Self-Assessment deadline is looming, and if you’re a self-employed individual, company director, landlord, or have untaxed income, it’s time to get organised.
The deadline for online submissions to HMRC is 31st January 2026. Missing it can result in automatic penalties, growing interest on tax owed, and unnecessary stress, but the good news is that with a bit of preparation now, you can avoid the last-minute panic and stay on top of your obligations.
Here’s what you need to know and do now to stay ahead of the game.
1. Check If You Need to File a Return
Not everyone needs to submit a tax return, so the first step is confirming whether Self-Assessment applies to you.
You’ll likely need to file if in the 2024/25 tax year you:
Were self-employed as a sole trader and earned more than £1,000
Were a partner in a business partnership
Were a director of a limited company and took dividends
Had rental income from property
Received foreign income or income from savings, investments, or dividends not taxed at source
Claimed child benefit but your income was over £50,000
If you’re unsure, HMRC provides an online checker here, or you can ask an accountant (ME) to confirm.
2. Gather Your Financial Information
Once you know you need to file, it’s time to collect the relevant documents. These may include:
P60 or P45 (if employed during the year)
Details of dividends or salary received from your limited company
Business income and expenses (if self-employed)
Bank interest or investment income
Rental income and related expenses
Pension contributions
Gift Aid donations
Student loan repayments
Any other untaxed income
Having your records in one place makes the return quicker to prepare, and reduces the risk of missing deductions that could save you money.
3. Know What You Owe, and When
Even if you file early, payment isn’t due until 31st January, giving you time to budget. However, filing sooner gives you a clear picture of your tax bill, and avoids nasty surprises.
Remember, if your tax liability is over £1,000, HMRC may require payment on account, meaning you’ll pay 50% of next year’s expected bill in advance (due in January and July).
Not sure what to set aside? An accountant (ME) can give you an estimate, help with cash flow planning, and advise on tax-saving opportunities before it’s too late.
4. Avoid Penalties by Acting Early
Here’s what you risk by delaying:
£100 instant fine if you miss the 31st January deadline (even if you owe nothing)
Additional daily fines and interest for late payment or filing
Risk of errors from rushed or incomplete submissions
Filing now means you avoid the HMRC system overload in January and have time to correct any issues calmly.
5. Get Professional Help If You Need It
Whether you’re filing for the first time or just want peace of mind, getting support from an accountant can save you time, stress, and money. At J-Benn Finance, we help clients:
Ensure all income and expenses are correctly reported
Identify opportunities to reduce tax
Submit accurate returns on time
Understand their numbers better going forward
Final Word
The Self-Assessment deadline doesn’t have to be stressful, but the key is acting now, not later. Start gathering your paperwork, get advice if you need it, and file early to avoid penalties and panic.
Need a hand? Book a call here with us today and we’ll help you meet the deadline with confidence.
