Is It Time to Prepare Your Self-Assessment Tax Return?

HM Revenue and Customs (HMRC) has been reminding taxpayers that there are now fewer than 100 days left to file their tax return and pay any tax due for the 2024-25 tax year.

The online filing deadline applicable to the majority of taxpayers is 31 January 2026.

According to HMRC figures, over 3.5 million people have already filed their return, but with more than 11.5 million people submitting a return last year many are yet to file. HMRC is encouraging an early start to avoid the last-minute rush.

Why file early?

Filing early gives you a clearer picture of how much tax you owe and helps you budget for the payment due by 31 January. If you’re due a refund, you’ll receive it sooner.

Things to be aware of for this year’s return

• Capital Gains Tax (CGT): The CGT rates changed partway through the tax year. This is not automatically calculated on the Self-Assessment tax return. If you sold assets such as shares after 30 October 2024, the change in rate will need to be factored in.

• High-Income Child Benefit Charge (HICBC): A new digital PAYE service means that if you only complete a tax return to pay this charge, you may no longer need to. Eligible claimants can opt to have the charge collected through their tax code instead. HMRC can de-register you from Self-Assessment if you qualify –

• Either for this tax year or the next, depending on whether you have already submitted your return.

• Winter fuel and heating payments: You do not need to include your Autumn 2025 Winter Fuel Payment (or Pension Age Winter Heating Payment in Scotland) on your 2024-25 return. These payments will be accounted for in your 2025-26 tax return, not due until 31 January 2027.

Making Tax Digital

Looking ahead, sole traders and landlords with a turnover above £50,000 will need to use MTD for Income Tax from 6 April 2026. This will require quarterly submissions of income and expenses through compatible software.

If you are affected by this change, we recommend making early preparations so that you are ready in good time.

Watch out for scams

As ever, HMRC is warning taxpayers to stay alert to scams, particularly around this time of year. Your HMRC login details should never be shared with anyone. HMRC guidance on spotting and reporting scams can be found on their website.

Getting started

With less than 100 days to go, it’s a good time to make a start. Completing your return early gives peace of mind, allows time to resolve any queries, and helps you plan for your tax payment well before the deadline.

If you would like help with preparing and filing your tax return or with how to use MTD for Income Tax, please get in touch and we would be happy to help you!

See: https://www.gov.uk/government/news/the-countdown-begins-self-assessment-deadline-is-100-days-away