Self-Assessment Deadline 2025: Tax Filing Apps To Help You Manage Your Taxes

Benjamin Franklin once supposedly said that there are two certainties in life: death and taxes.

As January rolls around, so does HMRC’s self-assessment deadline. Any person who is earning over £1,000 outside of a company payroll, must register a self-assessment for the tax year 2023/2024 by 11:59pm on January 31st 2025. According to HMRC, there are still 5.4 million Brits who are yet to file.

In the UK, the tax year runs from April 6th and ends on April 5th of the following year. That means any money made, spent or lost in business within that window needs to be declared to HMRC.

Whilst it is always advised to seek professional advice from a tax advisor around this time, there are some tools to help you file your self assessment yourself. Once you understand it, the process is designed to be relatively straightforward – meaning you can give it a go at filing yourself.

What Happens If You Don’t File Your Self-Assessment On Time?

Staying up to date with HMRC deadlines is incredibly important, especially if you are a sole trader. According to HMRC, anyone who misses the 31st January deadline could face an initial late filing penalty of £100.

3 months after the deadline, any late tax returns will incur additional daily penalties of £10 per day, up to a maximum of £900. After 6 months, a further penalty of 5% of the tax due or £300, whichever is greater will be imposed. After 12 months, another 5% or £300 charge, whichever is greater will be charged to the individual.

There are also extra charges if the penalties owed aren’t paid. Over time these can accrue interest, making them even harder to pay off long-term.

What Documents Do You Need To File Your Tax Return?

Before filing your return, you’ll need to gather together the right documents. According to Freeagent, these include:

• Unique Taxpayer Reference (UTR) (this will be given to you by HMRC)
• Government Gateway User ID (Issued when signing up online)
• National Insurance number (this should exist on healthcare and government records)
• Invoices shared in the tax year
• Salary and income from other jobs you have
• Benefits from your employer (as some of these may be taxable)
• Dividends paid from any stocks, shares or bank accounts
• Interest Certificates issued by your bank
• Expenses or a list of cost incurred running your business. Check with HMRC to see what counts as a taxable expense.
• Income from trusts if relevant
• Income from pensions if relevant
• Student loan plan and any repayments made
• Gift Aid donations if made

What Apps Exist To Help?

Luckily, if it all sounds a bit confusing, a number of apps and startups exist to help make it a little easier. Here, we take a look at some of them:

HMRC App

HMRC has built and released an app to help people get more accurate information about their tax, National Insurance and benefits.

The app can be used to estimate taxes and then file the self-assessment. Once submitted, the app can also be used to pay off the balance, making it easy to handle everything in one place!

Untied

Untied is a personal tax app, perfect for those that are self-employed, landlords and high earners.

The app is HMRC recognised and designed to make the entire process more user-friendly. With tax returns sometimes costing up to £500 to be done by professionals, it’s a great way to stay compliant without breaking the bank.

Pie Tax

Pie Rax not only helps you file your tax return, but helps you keep track of your finances all year round.

Described as having an accountant in your pocket, the app tracks real-time tax payments so people can budget for them ahead of filing. With specialist advisors on their team and an easy to use interface, it’s a great tool for beginners and entrepreneurs looking to stay on top of their finances.

Tax Scouts

For those coming up against the impending deadline, finding a service that can file for you, without paying crazy fees, is incredibly important.

Enter Tax Scouts, a company that will file your return for £169, all in.

Filed by qualified accountants and easy to set up, it’s perfect for anyone looking for expert guidance, without the price tag.

Taxd

Taxd helps taxpayers file their returns efficiently and accurately.

By automating the process and providing guidance along the way, Taxd reduces the time and cost associated with tax filing.

A unique feature of Taxd is its ability to identify potential tax relief opportunities, helping its users make bigger savings.

Initially focused on personal tax returns, Taxd has expanded its services to cater to solo entrepreneurs and small limited companies, serving 10,000 customers.