The deadline for filing your 2024/25 Self Assessment tax return may feel far away, but starting early can save you time, stress, and potentially money. At PM+M, we know from experience that a proactive approach makes the process much smoother and more efficient.
Here are our five top tips to help you get ahead:
- Know your key deadlines
The 2024/25 tax year runs from 6 April 2024 to 5 April 2025. For this period, the following dates apply:
- 5 October 2025 – Register with HMRC if this is your first return
- 31 October 2025 – Deadline for paper tax returns
- 30 December 2025 – Deadline for online filing if you want HMRC to collect any tax you owe (under £3,000) automatically through your tax code for the 2026–2027 tax year. You must already be paying tax through PAYE
- 31 January 2026 – Deadline for online tax returns and payment of any tax due
Mark these dates in your diary early to avoid late filing penalties and interest charges.
- Get organised early
Don’t wait until January to gather your paperwork. HMRC requires details of your income, pensions, dividends, rental income, expenses, and any other earnings for the year ending 5 April 2025. Keeping everything together, whether digitally or in a dedicated folder, will make completing your return quicker and easier.
Make sure you keep track of:
- Income records: Payslips, self-employment accounts, dividends, and ‘side hustle’ earnings
- Expenses: Office supplies, mileage, and other allowable deductions
- Financial records: Bank interest, pensions, investment statements, and charitable donations
- Track your expenses as you go
If you’re self-employed or receive rental income, recording expenses in real time prevents the January scramble through old bank statements. Tools such as accounting apps, spreadsheets, or cloud-based software can help you stay organised – and ensure you don’t miss out on valuable deductions.
- Make the most of allowances and reliefs
Understanding the reliefs and allowances available to you can reduce your tax bill. For example:
- Pension contributions
- Gift Aid donations
- The personal savings allowance
- Business-related costs such as office and travel expenses, professional fees, and subscriptions
- Landlord expenses including maintenance and letting agent fees
Taking advantage of these can significantly cut the amount of tax you pay.
- Plan for payments on account
If your tax bill is over £1,000, HMRC may ask you to make “payments on account” towards the following year. These fall due on 31 January 2026 and 31 July 2026. Factoring this into your cash flow early will help you budget effectively and avoid unwelcome surprises.
Start early, stress less
The earlier you begin preparing your Self Assessment, the more time you’ll have to understand your position, make use of available reliefs, and spread the cost of any payments due. By starting now, you’ll avoid last-minute pressure and gain greater control over your tax planning.
At PM+M, we’re here to support you throughout the process and beyond. If you’d like to discuss your 2024/25 Self Assessment or wider tax planning, please get in touch with our team by emailing enquiries@pmm.co.uk.
