If you earn income outside of PAYE – whether you’re self-employed, a company director, a landlord or you receive dividends or investment income, then it is likely you will need to complete a Self-Assessment tax return.
While the 31 January 2026 deadline might seem like a long way off, preparing early can help you file accurately, avoid penalties, and stay in control of your finances.
Also, if you are registering for the first time or you wish to submit a paper tax return then you don’t have until 31 January and need to act now.
Here are our ‘Five Top Tips’ to help you get ahead with your 2024/25 Self-Assessment tax return.
Tip 1 – Get organised early
Accurate record-keeping is the bedrock of a smooth Self-Assessment process. Start gathering everything you’ll need for the 2024/25 tax year, including:
- Income records
- Invoices
- Rental income details
- Bank statements
- Business expenses
- Pension contributions
- Dividend vouchers
Keeping your records well-organised – whether digitally or on paper – reduces the risk of errors and makes filing much easier.
Reminder: HMRC requires you to retain records for at least 22 months after the end of the tax year (if filed on time), or up to 5 years if you file late or are under enquiry.
The sooner you start collating all your information, the more time you’ll have to resolve any gaps or discrepancies.
Tip 2 – Know your key dates
Missing a deadline can lead to penalties – even if you don’t owe any tax. Here are the important dates for your 2024/25 tax return:
- 5 October 2025 – Deadline to register for Self-Assessment (if it’s your first time)
- 31 October 2025 – Deadline if you want to submit a paper return
- 31 January 2026 – Deadline for online filing and payment
If your tax bill exceeds £1,000 and less than 80% of it was collected via PAYE, you may need to make Payments on Account – advance payments towards your next tax bill – due on 31 January and 31 July.
We recommend that you put these dates in your calendar and aim to file early to avoid the last minute January rush and stress.
Tip 3 – Claim your allowable expenses
You may be able to reduce your tax bill by claiming allowable expenses. These could include but are not limited to:
- Office costs such as business equipment, stationery and communications, phone and internet etc.
- Travel costs if the primary reason for your journey or stay was for business
- Clothing such as uniforms
- Professional and financial services fees
- Marketing and advertising
- Subscriptions or training related to your work
- Letting agent or maintenance fees (for landlords)
Accurately claiming what you’re entitled to – within HMRC’s rules – can make a real difference to your tax bill.
If you are unsure what qualifies as an allowable expense this is an area where expert advice can be invaluable.
Tip 4 – Budget ahead to avoid surprises
Self-Assessment often involves a lump-sum tax payment by 31 January, plus possible advance payments for the following year. To stay on top of your cash flow:
- Estimate your tax bill early
- Set money aside regularly throughout the year
- Consider a Time to Pay arrangement with HMRC if needed – but act early
Proactive budgeting helps you avoid HMRC interest charges and late payment penalties.
Tip 5 – File early for peace of mind
Leaving your tax return until January often leads to unnecessary stress, rushed work, and long wait times with HMRC.
Filing early affords you:
- More time to budget for any tax you owe
- Faster refunds (if due)
- Time to correct mistakes without deadline pressure
Reminder: Submitting your return early doesn’t mean you have to pay early.
Make your self-assessment process stress-free
With organised records, early preparation, and an understanding of Allowable Expenses, you’ll be well-placed to submit your Self-Assessment tax return accurately and on time.
If you need help filing or are unsure what Allowable Expenses you can claim, our experienced team is here to simplify the process and provide expert guidance – whether it’s your first return or you are a seasoned pro.
Get in touch today if you need our help at enquiries@cowgills.co.uk
