Finance experts are urging anyone who needs to file a self-assessment tax return to do it ahead of the deadline, and not to miss the reliefs and allowances that could allow them to avoid overpaying their tax.
The deadline for self-assessment tax returns is January 31, with 12 million UK taxpayers completing a return each year. Delays and last-minute filings can be a major issue, as many then miss out on so-called 'loopholes' that would allow them to reduce their tax bill.
This comes after the government announced a significant increase in the number of Self Assessment Payments made via the HMRC app. Since April 6, 2025, nearly 340,000 payments have been made through the app, representing an over 130,000 increase from the same period last year.
Chartered Financial Planner Tommy Hobson APFS from Path Financial is urging Brits to file their self-assessments well in advance of the deadline to avoid any administrative chaos and panic with HMRC on the 31st. Tommy also suggests considering new and more efficient ways to file self-assessments.
“With the 31st January self-assessment deadline approaching, many people rush to submit their return and risk overlooking reliefs and allowances that could reduce their tax bill," he says.
Some of the most commonly missed areas include:
Pension tax relief
"Many people don’t realise they can claim additional tax relief through their self-assessment if they’re a higher, or additional-rate taxpayer," says Tommy. "This is one of the most valuable and frequently overlooked claims."
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Gift Aid donations
"Charitable donations made under Gift Aid can increase a taxpayer’s basic rate band, potentially reducing the amount of income tax you pay," he adds. "People often forget to include donations made earlier in the tax year."
Capital losses
"Losses from previous tax years can often be carried forward and offset against gains, but only if they’ve been properly reported," says Tommy.
"This is something people frequently overlook when markets have been particularly volatile.”
