The 31 January deadline for Self Assessment is fast approaching, and many individuals are finalising their tax returns or reviewing figures submitted earlier in the tax year. This period can feel pressured, particularly where information is incomplete or circumstances have changed.
The Self Assessment process can be complex, particularly where income sources or circumstances have changed. Taking time now to review your position can help avoid errors, penalties, and unnecessary stress.
Below we have set out some practical tips, helpful tricks, and common pitfalls to help you navigate the final days before the deadline.
The most important date on your calendar
- 31 January 2026
Deadline to submit your 2024/25 Self Assessment tax return online
Deadline to pay any tax owed for that year
Deadline to make the first payment on account for 2025/26, where applicable
Missing any of these can result in penalties and interest.
Tips and Tricks to Help You Stay on Track
Check all sources of income
Make sure you have included all taxable income, not just your main employment or business income. This can include dividends, rental income, interest, freelance or consultancy work, and any other additional earnings.
Review payments on account
If your income has reduced compared to the previous year, you may be able to make a claim to reduce your payments on account. This should be done carefully, as underestimating can lead to interest charges later.
Claim allowable expenses and reliefs
Ensure you are claiming all allowable expenses and reliefs you are entitled to, such as pension contributions, gift aid donations, business expenses, and relevant allowances. Small omissions can add up.
Check your tax code and previous payments
Confirm that any tax already paid through PAYE or other deductions is correctly reflected in your return.
Submit before the final day
HMRC systems can be slow close to the deadline, and last-minute issues can cause unnecessary stress. Submitting earlier gives time to review and correct errors if needed.
Common Pitfalls to Avoid
Relying on estimates without review
Using estimated figures without revisiting them once final information is available can lead to inaccuracies and amendments later.
Overlooking property or investment income
Rental income, capital gains, and dividend income are often missed or misunderstood, particularly where assets are jointly owned.
Assuming HMRC already has the information
Even if HMRC receives information from banks, employers, or third parties, it is still your responsibility to report it correctly on your return.
Forgetting the payment deadline
Submitting the return does not automatically mean the tax has been paid. Payment must also be made by 31 January.
What If You Cannot Pay in Full?
If you are unable to pay your tax bill by 31 January, it is important to act rather than ignore the position. HMRC may allow a Time to Pay arrangement in certain circumstances. Interest will still apply, but penalties may be reduced if the situation is addressed promptly.
Final Thoughts
A quote from our Principal at DRS Tax & Business Advisors, Sunil Aggarwal:
“A small amount of time spent reviewing your return now can save significant time and cost later. If something does not look right or raises a question, it is far better to address it before the deadline by speaking to us as early as possible.”
If you have questions about your Self Assessment return, payments due, or whether you are reporting the correct information, please get in touch:
Email: info@drs-tax.com
Telephone: 020 8059 1891
Submit an enquiry via our Contact Us page
You can also book a free 15 minute consultation to discuss your position and explore how we may be able to help ahead of the deadline.