Important October deadlines for filing your self-assessment tax returns to prevent unexpected bills
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October is an important month for taxpayers in the UK, as it marks several key deadlines for those who need to register for self-assessment and file their returns. Here's a breakdown of what you need to know.
For those who have started self-employment, become landlords, or have untaxed income during the 2024/2025 tax year, registration for self-assessment is mandatory by October 5, 2025. This includes individuals who started renting property, started self-employment, or earned untaxed income during that period. Landlords receiving income from property must also register.
Untaxed income must be declared to HMRC through self-assessment. The good news is that HMRC provides a free online tool to help determine if a self-assessment tax return is necessary.
Failure to register by the deadline may result in penalty charges. There is an initial £100 penalty for not sending a tax return on time, with daily penalties of £10 per day up to a maximum of £900. After six months, there is a further penalty of 5% of the tax due or £300, whichever is greater. The same penalty applies after 12 months. Additionally, there are additional penalties of 5% of the tax unpaid at 30 days, six, and 12 months.
To avoid these penalties and high interest rates from HMRC, it's advisable to file and pay any tax owed ahead of the self-assessment deadline. Samuel Mather-Holgate, an independent financial adviser, suggests filing early to ensure accurate payments on account. Registering before the deadline can also help save hassle and money.
The deadlines for filing a paper tax return and the online self-assessment deadline for the 2024/2025 tax year differ. The paper tax return deadline is 31 October 2025, while the online deadline is 31 January 2026.
New landlords or self-employed people need to register for self-assessment by 5 October if they have earned gross income over £1,000. Business owners may not be in a suitable position to pay their taxes due to increased financial squeezes, but it's crucial to register and file on time to avoid penalties.
Lastly, investors may need to declare dividends or capital gains above the tax allowances. The taxman will generate a unique taxpayer reference for you so you can complete a tax return.
In conclusion, October is a crucial month for taxpayers in the UK. Make sure to register for self-assessment, file your returns, and pay any taxes owed on time to avoid penalties and high interest rates from HMRC.
