The 31st January rush: Your no panic Self Assessment checklist
Every year, January brings with it the same pressure for self-employed individuals: the Self Assessment deadline. So, if you’re feeling behind or overwhelmed, you’re not alone.
Last year, on deadline day, over 730,000 people submitted their returns, with tens of thousands filing in the final hour before midnight.
That’s not to say you should follow suit. The key to avoiding panic is to not rush and follow a clear plan. That’s where our no-panic checklist comes in - walking you through exactly what to do, in the right order, so you can file confidently and on time.
Step 1: Confirm you need to file a Self Assessment
Before you go any further, make sure Self Assessment applies to you. You’ll usually need to file if you:
● Are self-employed as a sole trader
● Earned money from freelancing, contracting or a side hustle exceeding £1,000
● Received income not taxed automatically through PAYE
This means that even if self-employment isn’t your main job, you may still need to file if you earned above the trading allowance. If you’re unsure it’s always better to check now rather than risk penalties later.
Step 2: Understand the deadline (and what happens if you miss it)
The most important date to remember is the 31st January. By this date, you must:
● Submit your Self Assessment tax return online
● Pay any tax you owe to HMRC
● Make your first payment on account, if required
If you miss the deadline, HMRC automatically issues a £100 late filing penalty - even if you don’t owe any tax. Plus, there’s risk of interest and additional penalties the longer it’s left.
Knowing this upfront helps you to prioritise filing - even if you’re short on time.
Step 3: Gather everything you need
Trying to file without the right information can be stressful. So, before you start, gather:
● Your Unique Taxpayer Reference (UTR) number
● National Insurance number
● Total income for the tax year
● Invoices, bank statements or sales records
● Details of any PAYE income or benefits
● Records of business expenses
Step 4: Review your income carefully
A common mistake is forgetting to include all income. Make sure you account for:
● All invoices (paid or unpaid)
● Cash payments
● Tips or commissions
● Online or platform-based earnings
● Side hustle income alongside a PAYE job
Even small amounts should be included. Tax software, like GoSimpleTax, can guide you through this step to make sure nothing is missed.
Step 5: Check allowable expenses
Allowable expenses mean you can potentially take deductions from your bill, and therefore reduce what you have to pay. Common examples include:
● Travel and mileage
● Phone and internet costs
● Software subscriptions
● Marketing and advertising
● Office supplies
● Use of home as an office
● Professional fees (accountants, memberships)
Lots of people miss key expenses because they don’t realise what they can and can’t claim. Taking time to go through them all can make a real difference.
GoSimpleTax even has a handy calculator to help you see how much you could claim if you work from home.
Step 6: Understand your tax bill and payments on account
Before submitting, it’s wise to understand your total bill for the year, when the payment is due and whether payments on account apply to you.
If HMRC asks for payments on account, you’ll usually need to pay this year’s tax bill and an advance payment towards next year’s bill. This can come as a surprise but it’s completely normal and knowing in advance helps avoid any panic.
Step 7: File your return online
Filing online using HMRC-recognised software like GoSimpleTax helps remove stress by:
● Asking questions in plain English
● Automatically calculating your tax
● Guiding you step-by-step
● Submitting directly to HMRC
Plus, if you’re unsure at any point, GoSimpleTax also offers:
● Free Self Assessment webinars
● Step-by-step filing guides and videos
● Clear explanations tailored to self-employed users
Step 8: Pay your tax by 31st January
Submitting your return is only half the job. Payment must reach HMRC by 31st January. Late payments can result in interest and additional charges, even if you submitted your return on time.
To avoid any issues, be sure to use the correct payment reference and allow time for bank processing.
Your no-panic Self Assessment checklist
Before 31 January, make sure you’ve:
✔ Confirmed you need to file
✔ Gathered all income records
✔ Reviewed allowable expenses
✔ Checked your tax bill and payments on account
✔ Submitted your return
✔ Paid HMRC on time
The deadline doesn't mean late nights or panic. But to get things right, it’s best to start now. So, follow the above steps and use a tool like GoSimpleTax to get it done with confidence.
About GoSimpleTax
Get started with GoSimpleTax today, it’s free to try. Plus you get a 30% discount via Greater Manchester Chamber – just click the link, sign-up for free and receive your discount code to your inbox.
Income, Expenses and tax submission all in one.
GoSimpleTax will provide you with tips that could save you money on allowances and expenses you might have missed.
The software submits directly to HMRC and is the solution for freelancers, the self-employed, sole traders and anyone with income outside of PAYE to file their self-assessment giving hints and tips on savings along the way.
