Self Assessment 2024/25: Why You Shouldn’t Leave It Until January

Don’t Get Caught Out by the Self Assessment 24/25 Deadline

Self Assessment tax returns are an annual responsibility for millions of UK taxpayers, yet every year, many leave it too late, facing unnecessary stress and penalties. The 2024/25 tax year is no different, and with over 1.1 million people missing the HMRC deadline last year, now is the time to plan ahead.

At BarrettStacey Accounting, we help small business owners, freelancers and high earners get their Self Assessment filed accurately and on time. This guide covers everything you need to know about Self Assessment 2024/25, why early filing is crucial, and how to avoid common pitfalls.

Key HMRC Statistics from the 2023/24 Tax Season

Before diving into the 2024/25 tax year, let’s look at what happened last year:

📊 Self Assessment 2025 Facts Summary:

✔️ 12,026,540 Self Assessment returns were expected
✔️ 11,509,810 total returns received by 31 January 2025
✔️ 10,887,810 expected returns submitted on time
✔️ 1.1 million customers missed the deadline
✔️ 97.36% of returns were filed online (11,205,810 returns)
✔️ 2.64% of returns were filed via paper submission (304,000 returns)

💡 What this means: A significant number of taxpayers continue to file late or scramble at the last minute, risking penalties and financial stress. Don’t be one of them in 2024/25—file early and avoid unnecessary hassle.

Who Needs to File a Self Assessment Tax Return?

You must submit a Self Assessment tax return if you:

✔️ Are a sole trader earning more than £1,000

✔️ Run a limited company and take dividends above the allowance

✔️ Earn rental income

✔️ Have freelance or side income

✔️ Receive foreign income taxable in the UK

✔️ Need to report capital gains

If you’re unsure, BarrettStacey Accounting can assess your tax obligations and guide you through the process.

Self Assessment 2024/25 Deadlines

Don’t let these dates slip by—mark them in your calendar!

📅 6 April  – Start of the 2024/25 tax year
📅 5 October – Deadline to register for Self Assessment if filing for the first time
📅 31 October – Deadline for paper tax returns
📅 31 January  – Deadline for online tax returns and tax payments

❌ Miss the 31 January 2025 deadline? You’ll face an automatic £100 penalty, plus further fines and interest charges for late payments. Don’t risk it—file early!

Why You Should File Early

Filing your Self Assessment before the January deadline has significant benefits:

🌟 Better Financial Planning
✔️ Know how much tax you owe early, so you can budget accordingly.

🌟 Avoid Late Fees & Penalties
✔️ 1.1 million people missed the deadline last year—leading to automatic fines.

🌟 More Time to Correct Errors
✔️ If there are mistakes, you can fix them before the deadline rather than rushing last-minute.

🌟 Beat the January Rush
✔️ Accountants get fully booked in January—filing early means access to expert support.

🌟 Peace of Mind
✔️ No more last-minute panic—just a stress-free tax season.

🚀 BarrettStacey Accounting can take care of your Self Assessment from start to finish. Don’t wait—get in touch today!

How to File Your Self Assessment Tax Return

1️. Get Organised Early
Collect key documents, including:

✔️ Business income and expenses records
✔️ PAYE forms (P60, P45, P11D)
✔️ Bank statements and receipts
✔️ Rental income or dividend records
✔️ Pension contributions and charity donations

2️. Register for Self Assessment
New to Self Assessment?

Register with HMRC by 5 October 2024 to receive your Unique Taxpayer Reference (UTR).

3️. Use Accounting Software (or an Accountant!)
Tools like FreeAgent, Xero, or QuickBooks simplify tax tracking—but if you prefer, let BarrettStacey Accounting handle everything for you!

4️. Submit Your Return Before 31 January 2025
Early filing = no stress. If you owe tax, make sure to pay by 31 January 2025 to avoid interest charges.

How BarrettStacey Accounting Can Help

We understand that tax returns can feel overwhelming. That’s why we make Self Assessment simple and stress-free by:

✅ Tracking expenses so you claim every deduction
✅ Filing your tax return early to avoid last-minute rush
✅ Offering payment plans if signed up before January
✅ Providing WhatsApp support for quick tax questions

🚀 Want us to handle your Self Assessment? Purchase from our online shop to get started.

Get Your Self Assessment Sorted Now

Self Assessment doesn’t have to be a headache. With proper planning, you can file early, claim every tax relief available, and avoid penalties.

💡 What to do next?

🔹 Need help? Contact us.
🔹 Ready to file? Visit our online shop to purchase our Self Assessment service.
🔹 Want a stress-free tax season? Once you are onboarded as a client, you never have to worry about missing the deadline.

Don’t leave it until January – let’s get started today!