Self-employed reminded less than 70 days until self-assessment deadline

With just 68 days until the self-assessment deadline, HMRC is urging taxpayers to organise theirs sooner rather than later.

For those who need to file a tax return, they need to ensure they’ve completed theirs and paid any tax owed before the 31^st of January 2026.

Late filing will result in a £100 fine, which will increase after three months; there will also be further penalties and interest if payment is late.

How do I know if I need to file a self-assessment tax return?

There may be certain situations where you need to complete a tax return, but it’s perhaps not obvious that you have to do so.

For example, you will need to file a tax return if you:

• are newly self-employed and have earned more than £1,000

• are self-employed and earn less than £1,000 but wish to pay Class 2 NICs voluntarily to protect your entitlement to State Pension and certain benefits,
• earn income from property that you own and rent out
• are claiming Child Benefit and you or your partner has an income above £50,000
• receive interest from banks and building societies (more than £10,000),
• receive dividends in excess of £10,000
• need to pay Capital Gains Tax

Why bother filing a tax return early?

There are several reasons why it’s worth filing as early as possible:

• You’re able to plan ahead. Finding out how much you owe in tax as soon as you can allows for more accurate planning, plus, it takes away the stress of finding out last-minute should you not have the funds.
• It’s easier to organise spreading costs if you need to. If you are unable to pay in one go, then you could look at spreading the cost of your tax bill with weekly or monthly payments using HMRC’s Budget Payment Plan.
• Quicker access to a refund. If you are due a refund, then you’ll receive it sooner – this information will be available in the HMRC app once you’ve filed.
• Easier and less stressful to get help if you need it. If you need help filing your return, you can access a range of online guidance and information sooner rather than later, plus, you can look at getting help if you are unable to pay your bill in full by the 31^st of January deadline. You may be able to set up a Time to Pay plan, for example.

To find out more about contracting, please contact Jaime on 01442 795 100 or email jaime.thorpe@dolanaccountancy.com.