Self Assessment: Start Early and Give Yourself Less to Worry About

Running a business brings plenty of deadlines, but the annual tax return can be one of the most daunting. 

If Self Assessment is already hovering at the back of your mind, making a start now could help make the coming months considerably less stressful.

Ahead of World Mental Health Day on 10 October, HM Revenue and Customs has revealed that more than 26% of respondents to an HMRC-commissioned survey experienced anxiety as tax or financial deadlines approached. The survey explored the digital habits of more than 5,200 customers.

For sole traders, freelancers and other people completing Self Assessment, the message is straightforward: give yourself time.

The main deadline for submitting your online tax return for the 2025–2026 tax year and paying any tax due is 31 January 2027. Those using paper returns generally have an earlier submission deadline of 31 October 2026.

January might feel comfortably distant, but Christmas, busy trading periods and everyday responsibilities can soon eat into that preparation time.

HMRC’s Chief Customer Officer, Myrtle Lloyd, encourages customers to tackle their returns in manageable stages, using the guidance available on GOV.UK.

That is a sensible approach. You do not have to complete everything in one sitting. A few practical steps can help:

Gather your records. Bring together income details, invoices, receipts and other relevant documents before you begin.

Make a start. You can save your progress and return to the online form, allowing you to work around other commitments.

Check carefully. Give yourself time to spot missing information and check that income and allowable expenses are recorded correctly.

Plan for payment. Knowing your bill earlier gives you more time to organise your finances.

Filing early does not bring forward the usual payment deadline. Eligible customers can also use HMRC’s Budget Payment Plan to make weekly or monthly payments towards their next bill. This is an advance payment arrangement, so any outstanding balance still needs to be paid by the deadline.

Some customers who already pay tax through PAYE may be able to have a Self Assessment bill of less than £3,000 collected through their tax code. To use this option, online returns must be submitted by 30 December 2026, and HMRC’s other eligibility conditions must be met.

Customers using Making Tax Digital for Income Tax should also remember that their 2025–2026 Self Assessment return is still required.

Unsure whether you need to file? Start with the Self Assessment checker on GOV.UK.

Here at That’s Business, we think setting aside a little time now is a worthwhile investment. Even gathering your paperwork today could make January feel much more manageable.