Get Ready for the Self Assessment Deadline: January 2025 is Closer Than You Think

As we rapidly head towards the next new year, it’s important to remember that the deadline for Self-Assessment submissions is looming! For the tax year ending April 5, 2024, the deadline for filing your Self-Assessment tax return and paying any tax owed is January 31, 2025. Now is the perfect time to start preparing to ensure a smooth and stress-free submission process.

Why Start Early?

Starting your Self-Assessment preparations now offers several advantages:

1. Avoid the Rush: The closer we get to the January deadline, the busier HMRC gets. Submitting your return early not only reduces stress but also ensures that you have ample time to address any potential issues that may arise during the filing process.
2. Time for Corrections: If you discover any discrepancies or missing information, starting early gives you the time needed to correct these issues before the final deadline.
3. Payment Planning: Knowing how much tax you owe well in advance allows you to plan your finances effectively. This way, you can avoid any last-minute financial strain when the payment deadline approaches.
4. Claiming Reliefs and Deductions: Early preparation means you can explore all potential deductions and reliefs applicable to your situation, maximizing your tax efficiency.

What you need to gather:

To prepare for your Self-Assessment submission, start collecting the following information:

• Income Details: Gather records of all sources of income, including pay slips from employment, income from self-employment, rental income, dividends, interest, or any other sources.
• Expense Records: Keep receipts and records for any allowable expenses related to your self-employment or investment activities. This can include office supplies, business travel, and professional fees.
• Bank Statements: Ensure you have access to your bank statements to provide a comprehensive picture of your income and expenses.
• National Insurance Contributions: Don’t forget to include details about any National Insurance contributions you’ve made, as these can affect your tax calculation.

At Connolly Accountants, We’re Here to Support You

Don’t wait until the last minute—start your Self-Assessment preparations now.

Whether you have questions about the process, need help gathering documentation, or require assistance with filling out your tax return, we are here for you.