Self Assessment Is Due. What to Do If You Are Last Minute
Every January, the same message comes through our inbox.
“I know self assessment is close but I’ve not got round to sorting it yet.”
If that is something you can relate to, you’re not alone. Being last minute with self assessment is far more common than people think, especially for company directors and established business owners juggling multiple responsibilities.
The good news is this. Being late or nearly late does not automatically mean disaster. What matters is what you do next.
First, Take the Pressure Down
The biggest mistake last minute filers make is panic.
Panic leads to guessing numbers, rushing submissions or avoiding the problem entirely because it feels overwhelming. None of those help.
Self assessment penalties come from missed deadlines and incorrect returns, not from asking for help late.
The worst thing you can do is nothing.
Filing Late Is Not the Same as Paying Late
One of the most important things to understand is that filing and paying are treated differently by HMRC.
If you:
- File late, you receive an automatic penalty
- Pay late, interest starts accruing on the amount owed
If you cannot pay in full, it is still usually better to file as accurately as possible and deal with payment separately, rather than delaying submission altogether.
Many business owners delay because they are worried about the bill, not the return itself. That delay often makes the situation worse.
What to Prioritise When Time Is Tight
When you are close to the deadline, perfection is not the goal. Accuracy is.
Your priorities should be:
- Submitting a complete return
- Using real figures where possible
- Avoiding estimates unless absolutely necessary
- Making sure income is fully declared
Missing income or submitting incorrect figures is far more serious than filing late by a short period.
Do Not Guess Where It Matters
Guessing is one of the most expensive last minute habits.
Common problem areas include:
- Business income
- Allowable expenses
- Director dividends
- Additional income sources
If something is unclear, it is often better to delay submission slightly and get the correct information rather than submitting a return you know is wrong.
HMRC penalties for inaccuracies can far outweigh late filing penalties.
Payment Plans Are an Option
If paying the tax bill feels impossible, you are not automatically stuck.
HMRC offers Time to Pay arrangements for those who cannot pay in full by the deadline. These are more likely to be approved when:
- You have filed your return
- You engage early
- The debt is manageable
- You propose a realistic plan
Ignoring the bill entirely reduces your options.
Common Last Minute Mistakes We See
Every January, we see the same issues repeated.
- Leaving filing until the final day
- Using bank totals instead of proper records
- Forgetting dividend income
- Missing allowable expenses
- Submitting returns without understanding the figures
These mistakes often come back months later in the form of enquiries, amended returns or unexpected bills.
Why Company Directors Often Leave It Late
For directors, self assessment often feels secondary.
PAYE is handled through the company. Corporation tax has its own timeline. Self assessment becomes something that sits quietly in the background until January arrives.
By then, dividends, benefits and other income sources have piled up and need careful handling.
That is why director self assessment returns often require more attention than expected.
When to Get Help
If you are:
- Unsure about your figures
- A company director with dividends
- Self employed alongside a limited company
- Worried about penalties or accuracy
Professional support can save time, stress and money, even at the last minute.
At Excel Accountants, we regularly help Liverpool and North West business owners who come to us late in the process. Our focus is always on submitting accurate returns and reducing unnecessary fallout.
What to Do Right Now
If you are last minute:
- Gather all income information
- Identify any missing records
- Avoid guessing
- File as soon as you can
- Deal with payment separately if needed
Taking action today is always better than waiting another day.
Final Thought
Self assessment deadlines are stressful, but they are not personal failures.
What matters is not how late you started, but how you handle it now.
Acting quickly, calmly and accurately can still prevent most long term issues.
This article is for general information only and does not constitute tax advice. Tax rules can vary depending on individual circumstances.
