Self Assessment Success: 100% On-Time Submissions & Preparing for Making Tax Digital
The Self-Assessment tax season has come to a close, and we’re proud to share that Practical Business Solutions has successfully submitted every tax return we were instructed to file – 100% on time. With tax becoming more complex each year, from rental income and foreign capital gains to cryptocurrency earnings, our team has once again delivered expert, timely service, ensuring our clients stay compliant.
Self Assessment in the UK: Key Statistics
The Self Assessment deadline of 31 January 2025 saw millions of taxpayers submitting their returns, but many still faced penalties for late filing.
- Over 11.5 million tax returns were successfully submitted before the deadline, with 97.36% filed online (HMRC).
- More than 1 million people missed the deadline and will now face fines starting at £100, plus interest on unpaid tax (The Guardian).
At Practical Business Solutions, we helped our clients avoid these costly mistakes by ensuring all returns were filed on time. We also handled complex tax situations, including:
- Self-employed and contractor tax returns
- Rental income and property tax submissions
- Foreign capital gains tax
- Cryptocurrency earnings
Why Submitting Tax Returns on Time Matters
Submitting your Self Assessment tax return before the deadline isn’t just about avoiding penalties – it’s about financial control and planning.
- Avoid Late Filing Penalties – Even missing the deadline by a day results in a £100 fine, and penalties increase over time.
- Stay Ahead of HMRC Interest Charges – If you owe tax, interest starts accumulating immediately after the deadline.
- Plan Your Finances Better – Early submission gives you clarity on your tax bill, allowing you to budget effectively.
The Future of Tax: Making Tax Digital (MTD) is Coming
The way individuals and businesses report their tax is changing. From April 2026, Making Tax Digital (MTD) for Income Tax Self Assessment (ITSA) will become mandatory, requiring quarterly digital submissions.
We’re Getting Ahead – Join Our MTD Pilot
To ensure a smooth transition for our clients, we are launching an MTD pilot program to:
✔ Help clients move to digital tax submissions before 2026
✔ Provide early training on quarterly reporting requirements
✔ Offer dedicated support to simplify the process
If you want to stay compliant, avoid last-minute stress, and prepare for MTD now, get in touch to join our pilot program.
Looking for an Expert Accountant for Your Self Assessment?
At Practical Business Solutions, we don’t just file tax returns – we provide proactive advice, financial clarity, and long-term tax planning. Whether you’re self-employed, a landlord, or earning income from investments, we ensure you pay only what you owe, while remaining fully compliant.
Get in touch today to prepare for next year’s Self Assessment and MTD!
