Three reasons to submit your self assessment tax return early this year
Let’s be honest, Self Assessment tax returns tend to fill many people with dread. Often they wait until the last moment, scramble for paperwork, and have sleepless nights worrying about whether they’ve filled the forms out correctly and if penalties are liable. But it doesn’t have to be that way.
At Malones we always encourage clients to “get in early” with their Self Assessment. Here are three great reasons to speak to us and file your tax return well ahead of the deadline this year.
1. Avoid penalties by beating the deadlines
The key dates for the 2024/25 tax year are:
05 October 2025 (midnight) - deadline to register for Self Assessment if you are newly self-employed or need to file for the first time.
31 October 2025 (midnight) - Deadline for paper tax returns.
31 January 2026 (midnight) - deadline for submitting your online tax returns (this is what we generally offer).
31 January 2026 (midnight) – Deadline for paying any tax owed for 2024/25 and the first payment on account towards 2025/26.
Miss either deadline and you risk a £100 late filing penalty straight away, even if you don’t owe any tax. If you’re more than three months late, daily fines of £10 kick in, and further penalties apply at six and twelve months.
By filing early, you avoid the risk of cutting it fine in January when HMRC systems are busy, paperwork is harder to chase, and mistakes are more likely. Getting invoices and receipts together, particularly if you haven’t been too organised in the year, can often take longer than you think.
Getting ahead of the 31 October or 31 January deadlines means fewer errors, less last-minute stress, and no nasty fines.
2. Know what you’ll owe early and plan ahead
While the tax return for 2024/25 doesn’t need to be submitted online until 31 January 2026, you can technically file any time after 6 April 2025 (the day the tax year ends).
Doing so gives you certainty over your tax bill months in advance. That means:
You have plenty of time to budget for your payment due on 31 January 2026.
If you’re due a refund, you’ll get it far sooner than if you wait until January.
If your income has dropped, you can ask HMRC to reduce your payments on account for July 2025 and January 2026, so you don’t overpay.
If cash flow is tight, you’ll have time to set up a Budget Payment Plan or a “Time to Pay” arrangement.
Knowing exactly how much you owe, so you can ensure you have the right amount put away, can be a liberating feeling. Even with the best intentions, and careful budgeting to put money aside when invoices are paid, mistakes can happen and you could be left short. Filing early gives you time to sort this out before the deadline.
Even if you have the money set aside, you can choose not to pay the tax until closer to the January deadline so you can accrue interest on the chunk of money in your savings accounts. Filing early transforms January’s looming tax bill into something you can plan for calmly.
3. Enjoy a stress-free start to the year
The 31 January deadline falls straight after Christmas and New Year - not the time most of us want to be worrying about HMRC and paying your taxes. Even if you use an Accountant like Malones to help you, leaving your return until the last minute means you’ll be fighting with thousands of others trying to call HMRC, chasing missing records during the holiday season, or possibly pulling late nights on tax paperwork.
By filing months before the deadline, you:
Avoid the stress of last-minute panic in December or January.
Get access to our expert advice in good time, to allow you to plan ahead.
Get queries resolved more quickly, before HMRC helplines hit peak demand.
Head into the new year knowing your tax is sorted, your payments are planned, and you can focus on running your business or enjoying your free time.
How Malones Accounting Can Help
At Malones Accounting in Grantham, we take the dread out of Self Assessment by making the process simple and stress-free.
We can gather and organise your records, check you’re claiming all allowable expenses and reliefs, file your return well before the deadlines and keep you informed about payments due and help with budgeting.
We have room to take on new clients and offer you our great services, just check our Google Reviews for testimonials of happy customers.
Contact us for a free chat by emailing info@malonesaccounting.co.uk or call 07778 126 069 / 07873 142 458
If you are based in the East Midlands area, such as Grantham or Lincoln we may even be able to meet you for a coffee and discuss things with you in-person too.