Which? Could you pay less tax in 2025?
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Jan 9, 2025 Matthew Jenkin, Senior Writer at Which?, and Mitch Young, Director of Fusion Consulting Group, dive into the world of tax preparation. They emphasize the importance of navigating self-assessment forms accurately to avoid mistakes. Listeners gain insights on upcoming tax changes for 2025 and learn effective strategies to minimize their tax bills. The duo shares essential tips on allowable expenses and the significance of consulting professional advisors to ensure compliance and optimize financial positions.
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Self-Assessment Deadline and Help
- File your self-assessment tax return online by midnight on January 31st to avoid penalties.
- Contact HMRC for help setting up a payment plan if you're struggling.
Key Self-Assessment Dates
- Note key self-assessment deadlines: January 31st for filing, July 31st for second payment on account, and October 5th for first-time registration.
- Start early, especially for paper returns (deadline October 31st), to allow time for receiving your UTR number.
Common Misconceptions About Self-Assessment
- Many assume only the self-employed file tax returns, but higher earners (over £100,000), child benefit recipients, and those with foreign income may also need to file.
- Cryptocurrency investors often face complex self-assessment rules, even for exchanges.