20 Oct Do I need to file Self-Assessment? – What You Need to Know

Posted at 12:15h in Freelancers, Individuals by

 

If you’re one like many others across the UK who need to file a Self-Assessment tax return, now is a great time to get started. Submitting your tax return early can save you stress later – and may get you a tax refund sooner, if you are eligible.

Here’s everything you need to know.

✅ Do I Need to File a Tax Return?

You do need to file a tax return for a tax year if any of the following apply for:

  • You’re self-employed and earned more than £1,000.
  • You’re a partner in a business partnership.
  • You earned income from property rental.
  • You receive any foreign income.
  • You had untaxed income, such as from:
  • Dividends
  • Investments or savings
  • Cryptoassets
  • Tips or commissions
  • You need to report capital gains (e.g. from selling property or shares).
  • You earn over £100,000 per year.
  • You or your partner received Child Benefit, and your income is over £50,000 (High Income Child Benefit Charge)
  • You want to claim tax relief, e.g. for:
  • Pension contributions
  • Work expenses
  • Gift Aid donations
  • HMRC has sent you a notice asking you to file a return — even if you think it’s not necessary

📌 Important: If you believe you don’t need to file a return, you must tell HMRC — otherwise, they will keep sending you reminders and you could face a penalty.

📅 Important Deadlines

  • This tax year covered: 6 April 2024 – 5 April 2025
  • Submission deadline: 31 January 2026
  • Payment deadline: 31 January 2026

⚠️ Penalties for Late Filing

If you miss the 31 January 2026 deadline, you may face:

  • An automatic £100 fine, even if you owe no tax
  • Additional daily penalties after 3 months
  • Further penalties if your tax return is over 6 or 12 months late

✍️ Tip

The earlier you file, the sooner you can relax — and possibly get a refund back in your pocket or make a budget plan. Don’t wait until January to sort out your tax return.

💡 Why Submit Early?

Filing your tax return early offers several advantages:

  • Faster refunds — If you are due to a tax repayment, you will receive it sooner.
  • Better financial planning — Know how much tax you owe in advance and plan accordingly.
  • Proof of income — Useful for mortgage applications, loans, or benefit claims.
  • Peace of mind — Avoid last-minute stress and system delays in January.

📌 What You Should Do Now

  1. 👉 Use this link to check if you need to file self-assessment.
  2. If not, you can notify HMRC here.
  1. In case you’re required to file:
    • Make sure you’re registered with HMRC online services – if you haven’t done it yet.
    • Gather your income and expenses documentation.
    • Log into your HMRC online account.
    • Complete and submit your tax return — the earlier, the better.
    • Alternatively, send all information to your accountant to avoid any mistakes with your tax return.

Need a hand with your Self-Assessment?

Filing your tax return doesn’t have to be stressful. Whether it’s your first time or you just want peace of mind that everything’s done right, we’re here to help!

Contact us, we’d be happy to guide you through it.

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