If you’re self-employed, it can be overwhelming to try and figure everything out at once – especially Self-Assessment deadlines and keeping on top of paying taxes.
Unlike working for a company, you’re pretty much the only person responsible for keeping up to date with finances, unless you decide to work with an accountant.
Knowing the key dates for Self-Assessment deadlines and payment is vital. To learn the important dates to be aware of while working self-employed, continue reading.
What is Self-Assessment?
Self-assessment is a system put in place by HMRC that collects Income Tax. If you’re self-employed, you’ll need to complete a Self-Assessment tax return every year.
Essentially, Self-Assessment tax returns allow you to accurately record your income and expenses, which later helps HMRC calculate how much tax you owe them.
Regarding your Self-Assessment tax return, there are key dates to be aware of. Ensuring you don’t miss the deadline for your tax return is vital to avoid any negative consequences, such as penalties or fines.
A Summary of the Key Self-Assessment Dates
There are several key dates to be aware of while dealing with your Self-Assessment tax return.
Key tax dates | What are they for? |
---|---|
5th October | Deadline to register for Self-Assessment (if it’s your first time) |
31st October | Deadline for Self-Assessment by paper form |
31st January | Deadline for online Self-Assessment and the first payment on your account |
5th April | End of the tax year, making it the deadline for claiming any overpaid taxes |
6th April | The new tax year begins |
31st July | The second payment is due |
Let’s go through these important Self-Assessment tax dates in greater detail to ensure you understand what’s needed by these times.
5th October
You’ll have until the 5th of October after the end of the tax year that you became classified as self-employed to register for Self-Assessment with HMRC.
This can be done through their website and is a relatively simple process to follow. The tax year runs from the 6th of April until the 5th of April (the following year). Once you’ve registered for Self-Assessment by the deadline of 5th October, you won’t have to do it again.
31st October
By the 31st of October, you must file your Self-Assessment by paper if this is your preferred method instead of doing it online.
It’s important to time your return properly, as HMRC must receive your return by this date. We recommend filing your Self-Assessment slightly earlier to ensure HMRC has it by this deadline.
By 2026, Making Tax Digital for Income Tax will come into full effect. For those who are self-employed, it means that you’ll need to complete four tax submissions each year (instead of just one). So, if you currently submit your tax returns in paper form, we encourage you to consider doing so digitally.
31st January
Most people file their tax returns online. If you do, you’ll need to meet the deadline, which is midnight on the 31st of January. Although this is the deadline date for filing your tax return online, it’s also when you’ll need to pay your first tax bill. You may also need to pay any tax owed from the previous year as well as your first payment to your account.
5th April
The 5th of April marks the last day of the previous tax year. Additionally, it’s also the last day that you can reclaim any taxes that you may have overpaid in years previous.
In most cases, HMRC will know if you’re owed any taxes. However, if you believe that you’ve paid more tax than necessary and HMRC hasn’t noticed, then you can simply contact them before the 5th of April.
6th April
The beginning of the new tax year is the 6th of April. This often comes with new tax and National Insurance rates.
Although your tax return won’t be due until the beginning of the following year, it’s beneficial to ensure that your finances are organised well ahead of time. Ideally, tax return prep should be done in good time to help reduce any stress or worries around the time it’s actually due in January.
31st July
If you need to make a second payment on your account, you will need to do so by the deadline – which is the 31st of July.
Seeking the Best Tax Advice at DH Business Support
Dealing with your Self-Assessment tax return can seem confusing, especially if it’s your first time doing so as someone self-employed. Seeking the best advice from trusted professionals, such as accountants, is highly recommended.
Working alongside a reliable accountant means you’ll have access to guidance, support, and ongoing advice – making dealing with your taxes all that easier.
At DH Business Support, we offer expert tax advice to clients in need of our help. We aim to make a real impact, ease the process of paying your taxes and minimising the amount you need to pay.
To learn more about our services, we encourage you to get in touch with us today. We look forward to hearing from you soon!i