Self Assessment 2024–2025: Key Deadline & What’s Changing with MTD

📅 Key Deadline to Remember

The online submission deadline for the 2024–2025 tax return is 31 January 2026

This means all income earned between 6 April 2024 and 5 April 2025 must be reported and any tax owed must be paid by this date.

Missing the deadline can lead to:

• £100 automatic penalty (even if you owe no tax)

• Additional daily penalties if delayed further

• Interest charged on unpaid tax

So it’s always best to prepare early rather than rush in January!

What’s Changing: Making Tax Digital (MTD)

HMRC is gradually moving taxpayers to a new digital reporting system called Making Tax Digital (MTD).
For many individuals, especially sole traders and landlords, this means:

From April 2026:

If your self-employed or rental income is more than £50,000/year, you will no longer file one Self Assessment return per year.

Instead, you will need to:

• Keep digital records of income and expenses (e.g., Xero, QuickBooks, FreeAgent)

• Submit quarterly updates to HMRC

• Send an end-of-year return to finalise your figures

From April 2027:

The threshold reduces to £30,000/year.

This is a big shift. It means:

• Spreads reporting throughout the year

• Makes bookkeeping more important

• Makes running your finances from spreadsheets more risky

What You Should Do Now

• Keep digital records (Xero / QuickBooks / FreeAgent recommended)

• Use a separate business bank account

• Keep receipts/expense evidence

• Reconcile transactions monthly

• Avoid leaving everything to January

If this feels overwhelming — you don’t have to do it alone.

✅ My Services

I help with:

• Self Assessment filing (fixed fee)

• Tax planning & allowable expense guidance

• Xero / QuickBooks setup & training

• Ongoing bookkeeping (optional)

• Preparing for MTD and quarterly submissions

You focus on your business.
I’ll handle the paperwork and HMRC.

📩 Message me to get started or ask a question — friendly and judgment-free.

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