By Emma Wilson, Partner
As the end of the Self Assessment season rapidly approaches on 31 January 2026, many taxpayers find themselves facing unnecessary stress during a time that should be full of festive fun and relaxation.
Every year we see some of our clients make a mad dash to the finish to compile their receipts, invoices and information, but it doesn’t have to be this way.
Taxpayers should get ahead of the Christmas rush and file early so that they can tick Self Assessment off their wish list.
With Making Tax Digital (MTD) for Income Tax Self Assessment (ITSA) coming into effect in April 2026, it is important to keep your records updated more regularly.
How to take advantage of filing early
HM Revenue and Customs (HMRC) data revealed that in 2024, more than 40,000 people submitted their Self Assessment returns over the three-day Christmas period and 4,409 filed on Christmas Day.
Customers shouldn’t have to swap their turkey for tax returns and filing early can be a simple way to ease the process.
Taxpayers must complete their tax return and pay any tax owed by 31 January 2026 and this can be done online through your Personal Tax Account.
If this is your first Self Assessment, you will need to register and this can take up to 10 working days due to HMRC having to post your Unique Taxpayer Reference (UTR) to you.
To file correctly you must include:
- Income records, including employment, self-employment, rental and investment income
- Invoices and receipts
- Bank statements
- Business and employment-related expenses
- Pension contributions
- Your Unique Taxpayer Reference (UTR) and National Insurance number
HMRC also requires taxpayers to retain records for at least five years after the January 31 submission.
Those who file before 30 December may also have the option to pay their bill through their PAYE code, if you owe less than £3,000 on your tax bill and already pay tax through the system.
For many taxpayers, last minute filing can lead to mistakes or even penalties and with the right financial support you can get your tax return done right.
Why early preparation is important?
I know that the annual tax return is something that a lot of people put off. It is always the next thing on the to do list, until it is too late.
Completing your return well ahead of the deadline can help you understand what you owe and allow you to budget and plan your finances.
It also allows you more time to address discrepancies and gather your records and bookkeeping entries and find any missing information.
As well, it can result in faster repayments from HMRC and removes the risk of last-minute complications.
Submitting early doesn’t mean you have to pay early but it does mean fewer surprises and less stress.
Staying organised and updated with policies
Self Assessment should not ruin your Christmas and with the right support and preparation, the process can be straightforward.
However, it is important to stay updated with current policies as starting April 2026 Making Tax Digital (MTD) will be introduced in phases for Income Tax Self Assessment (ITSA).
MTD will require businesses and landlords with qualifying income to maintain digital records and update HMRC each quarter.
For ITSA, it will apply to those who have a qualifying income over £50,000 in April 2026 and for those with a qualifying income over £30,000 in April 2027.
Seeking our expert advice can help make sure you stay compliant and informed so that your Self Assessment runs smoothly.
If you need help filing your tax return, speak to our team today!