Services
Self assessment tax returns, prepared early
Personal tax returns for company directors, the self-employed and anyone with income HMRC does not tax at source. Prepared well before 31 January, with reliefs checked and your payments on account explained.
In short
Online self assessment returns and any balancing payment are due by 31 January following the end of the tax year on 5 April. Paper returns are due by 31 October. If you need to register for the first time, tell HMRC by 5 October.
Who needs to file a return
You are likely to need a self assessment return if, in the tax year, you:
- Were self-employed with gross trading income over £1,000.
- Received rental income from property, above the £1,000 property allowance or where you want to claim expenses.
- Were a company director receiving dividends, or other income not taxed through PAYE.
- Were a partner in a business partnership.
- Made capital gains that must be reported, or received foreign income.
- Must pay the High Income Child Benefit Charge and are not paying it another way.
If you are unsure, send us a summary of your income and we will tell you whether a return is needed.
Deadlines and payments
| Date | What is due |
|---|---|
| 5 October | Register for self assessment if you had new untaxed income in the tax year just ended |
| 31 October | Paper returns |
| 31 January | Online return, balancing payment for the previous year, and first payment on account for the current year |
| 31 July | Second payment on account |
Payments on account are advance payments towards the next year's bill, each normally half of the previous year's liability. They catch many people out in their first profitable year, when the balancing payment and the first payment on account fall due on the same day. We set out the figures in advance so the cash is ready.
Penalties if a return is late
A return filed after 31 January attracts an immediate £100 penalty, even if no tax is owed. After three months, daily penalties of £10 apply for up to 90 days. Further penalties follow at six and twelve months, and interest runs on unpaid tax.
Making Tax Digital for Income Tax
Since 6 April 2026, sole traders and landlords with qualifying income over £50,000 must also send quarterly updates through compatible software. The threshold falls to £30,000 in April 2027. See Making Tax Digital for Income Tax.
Common questions
Questions we are often asked
31 January for online returns and the balancing payment, covering the tax year that ended the previous 5 April. Paper returns are due by 31 October. The second payment on account is due on 31 July.
Often, yes. A director who receives dividends above the dividend allowance or other untaxed income will normally need to file. A director paid only through PAYE with no other income may not. HMRC will also require a return if it has sent a notice to file.
Advance payments towards your next tax bill, due on 31 January and 31 July, each normally half of the previous year's liability. They do not apply if most of your tax is collected through PAYE or the previous year's bill was under £1,000.
HMRC charges a £100 penalty straight away, then daily penalties after three months and further penalties at six and twelve months. Interest also runs on unpaid tax. Filing as soon as possible limits the damage.
Contact
Bring us last year's accounts and we'll tell you what we'd change.
An initial conversation takes half an hour and costs nothing. If we are not the right practice for you, we will say so.