Self Assessment Tax Returns
Understanding Self Assessment and HMRC requirements
Whether you are new to self assessment tax returns or have been required to complete one in previous tax years, Wapping Accountants can assist you in the preparation and filing of the necessary paperwork required by HM Revenue and Customs (HMRC)
Primarily, self assessment is a system whereby HMRC can collect income tax from individuals and businesses that has not automatically been deducted through PAYE (Pay as You Earn).
Often such untaxed income is generated from landlords letting out residential properties.
Through the process of self assessment, HMRC ensures that taxpayers report their income and pay their subsequent tax liability in a timely and accurate manner.
Any individuals new to self assessment tax returns for the tax year ended 5th April 2025 must firstly register with HMRC, on or before the 5th October 2025. If you fail to do this and register after this date, HMRC will send you a letter with a different deadline, usually for a much shorter period of about 3 months from the date of the letter. So in order to ensure maximum time to collate your figures and file your returns within the usual timeframes, please ensure that registration is completed, if necessary, before this date. Wapping Accountants can assist you with this process, as the first step to completing your first return.
The deadline for completing your online tax return is by 11.59pm on 31st January 2026 for the tax year ended 5th April 2025. However, if you wish to pay your self assessment bill through your tax code (for those in employment and paying tax through PAYE), your return must be completed and submitted by 11.59pm on 30th December 2025. If this deadline is missed, another payment method needs to be used.
Payment for any tax due through self assessment, for tax year ending 5th April 2025, must also be paid over to HMRC on or before 11.59pm on 31st January 2026. If this is not done on time, it is most likely you will receive a penalty fine for late payment.
There is also a second payment deadline of 31st July each year, for making payments on account. Wapping Accountants can explain and help with all of these calculations, as they can be confusing, especially if you are new to self assessment.
Making Tax Digital (MTD) for Income Tax is a major change to the current UK tax system which will, when implemented at different stages, require self-employed individuals and landlords to report their income on a quarterly basis digitally through HMRC approved software. These changes commence in April 2026 for individuals and landlords whose gross income exceeds the first threshold of £50,000 per year. Further roll-outs will follow in subsequent tax years for lower income levels.
For a free, initial consultation to discuss your specific requirements, please do get in touch either via the Contact page, via email at enquiries@wappingaccountants.co.uk or by telephone on 07725044175
