Don’t Miss the Personal Tax Return Filing Deadline: 31 January 2025

As the New Year begins, one critical date looms on the calendar for taxpayers in the UK: 31 January 2025, the deadline for filing your personal tax return for the 2023/24 tax year. At Welf Accountants, we’re here to ensure you stay compliant and avoid unnecessary stress or penalties. In this blog, we’ll cover key information about the deadline, common mistakes to avoid, and tips for a smooth filing process.

Why Is the 31 January 2025 Deadline Important?

The personal tax return filing deadline applies to individuals who:

   •      Are self-employed.

   •      Earn income outside of PAYE (e.g., rental income, investments, or foreign income).

   •      Need to report capital gains or claim certain tax reliefs.

   •      Received a notice from HMRC to complete a tax return.

Failing to file your tax return by the deadline can result in penalties, starting with an automatic £100 fine, even if you don’t owe any tax. Additional penalties may apply for late payments, so filing and paying on time is crucial.

Key Dates to Keep in Mind

Here are some important dates for your 2023/24 personal tax return:

   •      6 April 2024: Start of the 2024/25 tax year.

   •      31 October 2024: Deadline for paper tax returns.

   •      31 January 2025: Deadline for online tax returns and payment of any tax owed.

By filing early, you can avoid last-minute stress and gain clarity on your financial obligations.

Common Mistakes to Avoid

Many taxpayers find themselves in trouble due to simple oversights. Here are the most common mistakes and how to avoid them:

      1.  Missing the Deadline

Procrastination can lead to penalties. Set reminders and start gathering your documents early.

      2.  Inaccurate Information

Errors in reporting income or claiming expenses can lead to delays and potential audits. Double-check your figures before submitting.

      3.  Not Declaring All Income

Forgetting to include income from multiple sources (e.g., freelance work, rental properties) is a common mistake. Ensure everything is accounted for.

      4.  Failing to Make Payment

Filing your return is only part of the process. Be sure to pay any tax owed by 31 January 2025 to avoid additional penalties.

How Welf Accountants Can Help

At Welf Accountants, we specialise in taking the hassle out of tax returns. Here’s how we can support you:

   •      Expert Guidance: Our team stays up to date with the latest tax regulations to ensure your return is accurate and compliant.

   •      Maximising Deductions: We’ll help you identify all allowable expenses and tax reliefs to minimise your tax liability.

   •      Timely Filing: Avoid penalties by letting us handle your submission well before the deadline.

   •      Personalised Service: Whether you’re self-employed, a landlord, or have complex financial affairs, we tailor our services to your needs.

Tips for a Stress-Free Tax Return

      1.  Organise Your Records: Keep receipts, invoices, and other relevant documents in one place.

      2.  Check Your HMRC Account: Ensure your account details are correct and your login credentials are up to date.

      3.  Start Early: Don’t wait until January—reach out to Welf Accountants now to get started.

      4.  Seek Professional Help: Partnering with a qualified accountant can save you time, money, and stress.

Avoid Penalties – Act Now!

With the 31 January 2025 deadline fast approaching, it’s essential to act now. Whether you need help with complex tax affairs or simply want peace of mind, Welf Accountants is here for you.