Tax Year End 2025/26

10 Things to do before the end of the tax year

The tax year end is a crucial date for all taxpayers to consider as it is the deadline for a variety of tax-related relief, payments and activities. For example, it is the date on which your tax allowances, deductions, and credits reset for the new tax year.

April 2026 also signals the end of your personal earnings year, with the end of the tax year serving as the end of your yearly income – this is particularly important for understanding the tax band in which you sit and as we outline later how this figure impacts available allowances. It's important to keep track of tax year end so you do not miss out on any potential reliefs or allowances.

If you need more information around tax year end and the implications of the end of the tax year then why not speak to one of our experienced advisers and arrange a free initial consultation today!

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When does the tax year end?

This tax year officially ends on the 5th April 2026 with the 6th April 2026 being the first date in the 2026/27 tax year.

Tax year end for self-employed

Tax year end looks slightly different for those of you who are self-employed and do not necessarily pay taxes out of a monthly salary. For self-employed workers, there are further tax dates to remember alongside additional documentation to be completed. You must also fill out and file self-assessment forms declaring income made during the tax year, and the deadlines for filing these forms are not necessarily the same as the dates salaried employees must follow, we have included these below so put them into your calendar!

Self-assessment tax return

A self-assessment tax return is for people and businesses with other income which is not automatically taxed. A self-assessment must be completed by:

• Anyone who is self-employed as a ‘sole trader’ and earned more than £1,000.
• Partners in a business partnership.
• Anyone earning £100,000 or more (even if you are taxed via PAYE)

A self-assessment will also be needed if you have any untaxed income, this could include:

• Rental income
• Commissions or tips
• Income from savings, investments and dividends
• Foreign income streams

Does the tax return deadline include making payments?

Yes, the self-assessment tax deadline is not just for filing your return but also for making any payments owed. The key payment dates to keep in mind are:

31st January – The deadline for filing your tax return and making any outstanding tax payments for the previous tax year. If you owe more than £1,000, you may also need to make your first payment on account towards the next tax year.

31st July – The second payment on account deadline for those who are required to make advance payments towards their next tax bill.

Missing these deadlines can result in interest charges and penalties, so it’s essential to plan ahead and ensure your payments are made on time.

What if I miss the deadline?

If you miss the self-assessment filing or payment deadline, you may face penalties and interest charges. The penalties for late filing are:

Up to 3 months late – An automatic £100 fine.

More than 3 months late – Additional daily penalties of £10 per day, up to a maximum of £900.

6 months late – An extra penalty of 5% of the tax due or £300, whichever is greater.

12 months late – A further penalty of 5% of the tax due or £300, with possible higher penalties depending on circumstances.

For late payments, interest is charged on any outstanding tax from the due date. If you anticipate difficulty meeting the deadline, it’s best to contact HMRC as soon as possible to discuss possible arrangements, such as a payment plan. 

Tax year end checklist

1. Use your ISA allowance

• Every year you have an ISA allowance of £20,000 which can be put into a Cash ISA, Stocks and Shares ISA, LISA or innovative finance ISA; this is an essential end of tax year item to take advantage of, especially given its tax free growth and income status.

2. Transfer your ISA?

• While making use of your unused ISA allowance you could also consider whether your existing ISA arrangements continue to be appropriate. Transferring funds from a Cash ISA to a Stocks and Shares ISA does not count towards your annual ISA allowance.

3. Contribute towards your retirement 

• Pension contributions are an effective planning tool and a major tax year end consideration. You can contribute into your pension an amount up to your annual ‘relevant earnings’ (maximum £60,000 depending on earnings, or greater if carry forward allowance is available). Any personal pension contribution (subject to net relevant earnings restrictions) provides you with tax relief at your marginal rate.
• Additionally making a pension contribution, depending on your annual income, could reinstate other benefits or allowances which are otherwise tapered by a higher income.
• With pension contributions it is important to note the ‘Carry Forward’ rules which allow you to carry forward your previous three years unused allowances in addition to the current year, this means at this tax year end you will lose the annual allowance for the 2022/23 tax year if unused.

4. Reduce your Capital Gains Tax

• The Capital Gains Allowance, currently set at £3,000 per tax year, is a key consideration for tax planning. It cannot be carried forwards so it's recommended to make the most of the allowance each year.

5. Charitable giving

• Charitable giving is another area where tax efficiency can be maximised. Donations made through Gift Aid allow charities to reclaim basic-rate tax on your contributions, and higher-rate taxpayers can claim additional relief through their tax return. If you are considering making charitable donations, doing so before the tax year ends ensures that any applicable tax relief can be claimed in this tax period. This not only benefits the causes you support but also provides an opportunity to reduce your tax bill.

6. Business owners & Self-employed

• For business owners and self-employed individuals, it is important to review income and expenses before the tax year closes. Ensuring all allowable expenses are claimed can reduce taxable profits and overall tax liability. Making pension contributions through a business can also provide tax-efficient savings while reducing the company’s taxable income. If your business has made a profit, considering investments in capital expenditure before the end of the tax year may allow you to take advantage of available tax reliefs. However, accountancy advice should be sought before going down this route.

7. Use personal allowances

• Using personal allowances efficiently is another important step before the tax year ends. Every individual has a tax-free personal allowance, and for those who are married or in a civil partnership, the Marriage Allowance or transferring assets between spouses can help optimise tax efficiency. Reviewing how income and assets are structured within a household can help ensure that all available allowances are fully utilised.

For more information, take a look at our Personal Tax and Allowance Checklist.

8. Junior ISA allowance

• Similar to the above ISA suggestion, children are entitled to a Junior ISA (JISA) allowance of £9,000 per annum. You could consider funding a JISA to provide your children with a nest egg when they turn 18.

9. Make the most of all allowances & reliefs

• Taking action now can ensure that you are making the most of the allowances and reliefs available to you. The tax system is complex, and missing out on valuable opportunities can mean paying more tax than necessary. A financial adviser can help navigate the various options, ensuring you make informed decisions tailored to your financial situation and long-term goals. 

10. Take professional financial advice

• Reviewing your savings, pensions, investments, and allowances now will put you in a stronger position for the future. If you are unsure about the best course of action, consulting a financial expert can help you take full advantage of the tax-saving opportunities available before it is too late. 

What are the tax year dates for 2025/ 2026?

As we move through the 2025/26 tax year, we have outlined some dates below which are of note and should definitely be in your diaries!

• April 6th 2025 - The start of the current tax year.
• April 19th 2025 - The deadline for the final PAYE submission for the previous tax year 2024/25 which ended on 5th April 2025.
• April 30th 2025 - The date for which the penalties for any unfiled self-assessment tax forms will be applied from.
• 31st July 2025 - An important date for the self-employed, as this is the last day to make a second payment for your taxes owed from the previous tax year.
• 5th October 2025 - The first deadline for submissions of tax returns for the tax year and also the deadline for self-employed workers to register with HRMC for the current tax year.
• 31st October 2025 - The deadline for submission of tax returns in paper format for the tax year ending 5th April 2025.
• 30th December 2025 - The deadline to submit your online tax return for automatic payment of owed taxes from your pension and wages.
• 31st January 2026 - The deadline for online self-assessment tax returns for the 2024/25 tax year to be completed.
• 5th April 2026 - The final day for the current tax year.

Key deadlines after tax year end 2026/27

As we move through the 2025/26 tax year, we have outlined some dates below which are of note and should definitely be in your diaries!

• April 6th 2026 - The start of the current tax year.
• April 19th 2026 - The deadline for the final PAYE submission for the previous tax year 2025/26 which ends on 5th April 2026.
• April 30th 2026 - The date for which the penalties for any unfiled self-assessment tax forms will be applied from.
• 31st July 2026 - An important date for the self-employed, as this is the last day to make a second payment for your taxes owed from the previous tax year.
• 5th October 2026 - The first deadline for submissions of tax returns for the tax year and also the deadline for self-employed workers to register with HRMC for the current tax year.
• 31st October 2026 - The deadline for submission of tax returns in paper format for the tax year ending 5th April 2026.
• 30th December 2026 - The deadline to submit your online tax return for automatic payment of owed taxes from your pension and wages.
• 31st January 2027 - The deadline for online self-assessment tax returns for the 2025/26 tax year to be completed.
• 5th April 2027 - The final day for the current tax year.

Self Assessment deadlines

As part of changes being introduced by HM Revenue & Customs, some Self Assessment deadlines are changing for the 2026/27 tax year. Below are the key dates relating specifically to registering, filing and paying Self Assessment tax.
 

• 5th October 2027 – The deadline to register for Self Assessment with HMRC if you need to submit a tax return for the 2026/27 tax year.
• 31st October 2027 – The deadline to submit your paper Self Assessment tax return for the tax year ending 5th April 2027.
• 31st January 2028 – The deadline to submit your online Self Assessment tax return for the 2026/27 tax year.
• 31st January 2028 – The deadline to pay any tax owed for the 2026/27 tax year.
• 31st January 2028 – The deadline to make your first payment on account towards your 2027/28 tax bill, if applicable.
• 31st July 2028 – The deadline to make your second payment on account towards your 2027/28 tax bill, if applicable.

These payments on account are advance payments towards your next tax bill and usually apply if your Self Assessment bill is more than £1,000 and less than 80% of your tax is collected at source (for example through PAYE).

How can we help?

Having a financial adviser gives you the peace of mind that all the possible reliefs and allowances are taken advantage of ensuring you meet your long term goals and aims within a bespoke financial plan constructed alongside your financial adviser. It is important to note this area can be complex particularly when considering different taxes and how they interact with one another and so having a financial adviser is crucial.

Here at TPO we ensure that our clients are aware of all the available reliefs and exemptions which apply to them and we touch base throughout the year as important tax year dates come into view.

If you would like to have an initial free consultation to discuss your financial goals, please get in touch.

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The Financial Conduct Authority does not regulate tax advice. This article is intended for general information only, it does not constitute individual advice and should not be used to inform financial decisions.