2 Months Left to File Your Self-Assessment Tax Return
If you’re self-employed, earn untaxed income, or have other income streams besides employment income, now is the time to prepare for the 2024–25 tax year as the deadline is the end of January 2026.
What Period Does It Cover?
The 2024–25 tax year runs from 6 April 2024 to 5 April 2025.
The deadline is the end of January 2026 to file for this year and to make the payment.
Who Needs to File a Self Assessment?
You must file if HMRC has sent you a notice to file OR if any of these apply:
You were self-employed and earned more than £1,000 of income before expenses.
You were a partner in a business partnership.
You earned rental income, foreign income, or untaxed income above HMRC thresholds.
You had capital gains, received dividends or investment income not fully taxed.
Your income was over £50,000 and you or your partner claimed Child Benefit.
From April 2024 onwards - The threshold was removed entirely. If you earn any amount from PAYE employment only (even over £150,000), you do not need to file a Self Assessment tax return just because of your salary. HMRC simplified this rule to reduce unnecessary filings
If you are not sure if you need to file, either ask us or use this HMRC tool >> Check if you need to send a Self Assessment tax return - GOV.UK
Key Deadlines
Paper tax return: 31 October 2025.
Online tax return: 31 January 2026
Pay any tax due: 31 January 2026
Want HMRC to collect tax through your PAYE code? File online by 30 December 2025 – This is an important one, because lots of people can’t afford to pay their tax bill, but is happy for HMRC to collect the outstanding tax due through their tax codes.
If we have already filed your Self Assessment for you, don’t worry – just remember to pay your bill before 31 January 2026.
Starting April 2026, Making Tax Digital (MTD) will begin phasing out annual paper returns for many taxpayers, replacing them with quarterly digital updates. However, for now, paper returns remain valid for the current tax year.
Payments on Account
Tax prepayments (Payments on Account) are advance payments towards your next year’s Income Tax bill. HMRC requires these when your tax liability exceeds a certain threshold (usually £1,000) and less than 80% of your tax is collected at source. They are calculated based on your previous year’s tax bill and are paid in two instalments—typically on 31 January and 31 July—to help spread the cost of your tax liability.
If you’re self-employed, you may need to make payments on account
31 January 2026 – first payment and any balancing payment from the previous tax year.
31 July 2026 – second payment on account towards the current tax years tax liability.
What’s Changed for the 2024.2025 tax year
Cryptoassets: New section for reporting crypto disposals.
Capital Gains Tax (CGT):
Annual exemption reduced to £3,000 (down from £6,000).
CGT rates changed mid-year (from 30 Oct 2024):
Basic rate: 18% (was 10%).
Higher rate: 24% (was 20%). (HMRC requires an adjustment figure in box 51 of SA108 for disposals after 30 Oct 2024.)
Employment income: New boxes for:
Declaring benefits in kind (e.g., company car) for accurate student loan calculations.
Pension tax relief “top-up” adjustments.
Basis Period Reform: Fully in effect.
All self-employed and partnership profits must now be reported on a tax-year basis (6 April–5 April).
If you spread transition profits over five years, include details this year.
Cash Basis Accounting: Now the default for most self-employed businesses. If you use accruals, you must indicate this.
Digital record-keeping: All financial records must be kept digitally for 5 years and 10 months after the tax year.
Platform reporting: From Jan 2025, platforms like Airbnb, Uber, and Amazon report sellers’ income directly to HMRC.
Missing deadlines results in a £100 penalty, even if you owe no tax. Further penalties apply after 3, 6, and 12 months late.
What We Need From You
To complete your Self Assessment accurately, please send us the following:
Personal details: Full name, address, date of birth, National Insurance number.
Employment income: P60, P45, or payslips.
Self-employment records: Income and expense details, invoices, receipts.
Bank interest that you received
Dividend vouchers/received
Rental income and expenses (if applicable).
Pension contributions (for private pension contributions)
Details of any benefits received (Car benefit, medical insurance etc)
Capital gains information (sale of shares, property, cryptoassets).
Foreign income details.
Student loan statements (if applicable).
Child Benefit claims if applicable
Our team at Anlo is here to guide you through the process and make sure your return is accurate and submitted on time.
We aim to keep things simple and stress-free so you can focus on your business or personal priorities.
Useful HMRC Links