Preparing the 2025 Tax Return
The 6th of April 2025 has passed, which means we can complete and file 2024/25 Tax Returns for our clients.
We will contact our clients individually to request information. Of course, if you are ready to provide this or have questions, please get in touch with us, and we can discuss this with you.
When we prepare your accounts, we will usually complete them and prepare your 2025 personal Tax Return. We’ll be in touch.
We have prepared a handy PDF guide containing the tax rates and allowances for the current 2025/26 tax year.
This includes rates for the previous 2024/25 tax rates. Click the button to download:
Below are a few things to consider before contacting us with information. It’s a quick read and worth checking to see if there is something you haven’t already considered.
Please let us know if your circumstances have changed, such as
new sources of income,
marital status,
a change of address,
or new contact details.
Complete your books up to the end of your accounting date. Many of our clients use XERO, which makes the process easier. However, please ask if you have any questions or need help with the reconciliations and postings.
If you have employment, please provide a P60 or P45 (if you left the employment in the tax year). Also, consider if you personally incurred expenses relating to your employment, which you were not reimbursed for. It may be possible to claim a deduction from your employment income.
Did you receive any benefits in kind and receive a form P11D from your employer?
Did you receive any taxable state benefits such as jobseekers or incapacity benefit?
Please confirm if your UK residency basis has changed for 2024/25
Did you receive significant sums of interest from savings outside of an ISA, i.e. more than £500? If so, please provide interest certificates or bank statements.
Please confirm if you have received any interest income from loans to a company.
Did you receive any dividend income?
Did you receive any income from UK or foreign property? We will need details of the property, the income and all expenditure.
Have you sold or gifted assets, such as shares, cryptocurrencies or property? You do not need to consider cars, which are exempt from CGT.
Have you purchased or been gifted assets, such as commercial or investment property, other assets, stocks or cryptocurrencies?
Did you receive any state pension or government benefits?
Did you receive any pension income or lump sums?
Have you made any personal pension contributions? Please note, you do not need to include any pension contributions made directly through the limited company or any pension contributions made via payroll deductions.
Have you made any payments to a charity under the Gift Aid Scheme?
Have you made any other payments for which tax relief may be available? For example, Enterprise Investment Scheme (EIS), Venture Capital Trusts (VCT), and interest on loans to companies.
Do you have an outstanding student loan balance? If so, confirm if this is a Plan 1, Plan 2, Postgraduate Loan or Plan 4.
Did you or your partner receive a total income over £60,000 and receive child benefits? If so, and your income is over £60,000, some or all of this will be repayable.
Marriage Allowance - If you or your partner’s taxable income for the year is less than £12,750, £1,275 of the unused Personal Allowance can be transferred. If an election has already been made, please let us know.
The filing deadline is 31 January. 2026. We recommend submitting your return as early as possible. This will ensure ample time to prepare for any tax liability and allow us to provide you with the best possible advice.
One more thing…
The second 2025 payment on account
Some taxpayers are required to pay their second 2025 payment on account in July 2025. When completing your 2024 tax return we would have written to you to let you know how much to pay.
If you are unsure if or how much to pay, please contact us. We will confirm this and also check the HMRC records to ensure that you are up to date with your liabilities.