Important updates to self assessment filing and payment deadlines that affect millions of taxpayers, including new penalty structures and digital requirements.
HMRC has announced several important changes to Self Assessment deadlines and procedures for the 2024/25 tax year. These updates affect millions of taxpayers across the UK, introducing new penalty structures, enhanced digital requirements, and modified filing procedures. Understanding these changes now will help you avoid costly penalties and ensure compliance with the new requirements.
HMRC has introduced a more severe penalty structure for the 2024/25 tax year, designed to encourage timely filing and payment. The new system includes both fixed penalties and daily charges for extended delays.
The 2024/25 tax year introduces enhanced digital record-keeping requirements as part of HMRC's broader Making Tax Digital initiative. These changes affect both individuals and businesses filing self assessments.
All taxpayers must now maintain digital records for income and expenses. Paper-only records are no longer acceptable for most categories of income.
Taxpayers with income over £150,000 must now submit quarterly digital updates instead of annual returns only.
Landlords with property income over £10,000 annually must now comply with enhanced digital reporting requirements.
The criteria for filing Self Assessment have been expanded for 2024/25. More taxpayers may now need to file returns due to new reporting thresholds and income categories.
To ensure compliance with the new requirements:
Based on HMRC's feedback from previous years and the new requirements, here are the most common mistakes that lead to penalties and additional scrutiny:
The October 31 deadline for paper returns catches many taxpayers off guard. File online to get the extended January 31 deadline.
HMRC can now request immediate digital access to records. Ensure all income and expenses are properly categorized and stored digitally.
Many taxpayers focus on the return deadline but forget about payments on account due the same day. Both must be completed by January 31.
Cryptocurrency, gig economy, and social media income must now be reported. Many taxpayers are unaware these are taxable.
Given the complexity of the new requirements and increased penalties, many taxpayers are choosing to work with professional accountants. This is particularly advisable if you have:
Our Self Assessment service includes full compliance with the new digital requirements, penalty protection, and year-round support. We handle everything from digital record setup to final submission, ensuring you meet all deadlines and requirements.
Need help with the new Self Assessment requirements? Our experts can handle everything from digital setup to final submission.
Get SA HelpFree ConsultationWith new deadlines and digital requirements, professional Self Assessment help is more valuable than ever.