2024/25 Self Assessment Tax Returns Due By 31 January 2026 – Don’t Miss the Deadline
The deadline to file your 2024/25 Self Assessment tax return online and pay any tax due is 31 January 2026.
If you are required to file a tax return, you should prepare, file, and pay any tax due as soon as possible to ensure you do not face penalties and interest. To avoid unnecessary stress, it’s best to prepare and submit your return as early as possible.
At Onside Tax, we have a wealth of experience and expertise across UK personal tax, to prepare and file your tax return on your behalf.
Contact us to see how we can help.
Do I need to file a Self Assessment tax return?
If you are not certain if you need to file a Self Assessment tax return, the below information will be helpful.
Most UK employees pay tax ‘at source’ through Pay As You Earn (PAYE) and are not required to file a tax return. However, an individual will need to file a UK Self Assessment tax return when they have untaxed income.
Common reasons you need to file a tax return
- You were self-employed as a ‘sole trader’ and earned more than £1,000 (before taking off anything you can claim tax relief on);
- You were a partner in a partnership;
- You receive rental income for property you let out;
- You receive income from savings and investments in excess of £10,000 before tax;
- You receive regular annual income from a trust or settlement, or you receive income from the estate of a deceased person and further tax is due;
- You have sold an asset (e.g. property, shares) for a gain, and this is more than the annual exempt amount for 24/25 (over £3,000).
This list is not exhaustive but covers common forms of untaxed income an individual may receive that will require them to file a tax return. There are other common reasons you may need to file, that do not directly relate to you receiving untaxed income.
Do I need to file because of the High Income Child Benefit Charge?
Where you or your partner receive child benefit and one or both of you have an adjusted net income over £60,000, you may need to file a tax return and repay all/part of the child benefit received (the charge is paid by the highest earner in the household, regardless of who receives the child benefit).
This is due to the high income child benefit charge (HICBC).
Under the High Income Child Benefit Charge (HICBC):
- You repay 1% of the Child Benefit for every £200 of income over £60,000
- The full amount is repaid once income exceeds £80,000
- The charge is paid by the higher earner, regardless of who actually receives the Child Benefit
Do high earners still need to file a tax return?
Previously, if your income exceeded £150,000, you were required to file a Self Assessment tax return. This income threshold has now been removed.
If this was the only reason you needed to submit a tax return, you may be able to remove yourself from the Self Assessment system. In some cases, where HMRC is aware of your taxable income, this may have been done automatically. If you’re unsure, you should check your digital tax account to confirm if a return has been requested.
However, filing can still be beneficial, as HMRC may not have full details of:
- Pension contributions
- Gift Aid donations
- Bank interest
- Dividend income
These all affect your tax position. Filing ensures your tax position is correct and complete.
When do I need to report Capital Gains Tax?
You have reportable capital gains where:
- Your gains, net of any losses are more than the annual exemption for 2024/25 of £3,000; or
- You have given away or sold assets worth £50,000 or more for 2024/25, even if there is no gain or profit. This includes property, though residential property that you live in as your main residence may be exempt; or
- You need to make any other capital gains tax claim or election for the year.
Need help with your 2024/25 tax return?
If you’re unsure whether you need to file, or would like the reassurance that everything is handled correctly, we’re happy to help.
The Onside Tax team is a collaborative team of startup-focused tax specialists and finance experts who partner with ambitious founders through every stage of their growth journey.
We’re here to make this straightforward and give you confidence it’s been done right.