The January 31st Deadline: What You Need to Know
31 January is the most important date in the Self Assessment calendar. Here is everything that is due on this date.
What Is Due on 31 January
- Online tax return for the previous tax year
- Balancing payment — any tax owed for the previous year
- First payment on account — advance payment towards the current year's tax
For many sole traders, this means a large combined payment. Budget for it throughout the year.
What Happens If You Miss It
- Late filing: Automatic £100 penalty
- Late payment: Interest from day one, 5% surcharge at 30 days
How to Avoid the Rush
- File your return as early as possible (from 6 April after the tax year ends)
- Know your tax figure well in advance
- Set money aside monthly using the 30% rule
- Use Accounted to track your tax position throughout the year
MTD is coming. Accounted is already compliant. Start free and be ready before the deadline.
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TAX
The Accounted Tax Team
Tax & Compliance Specialists
Our tax specialists have decades of combined experience in UK sole trader and small business taxation, MTD compliance, and HMRC submissions. All content is reviewed against current HMRC guidance before publication and updated quarterly to reflect legislative changes.
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