The deadline – applicable for newly self-employed agents, those earning untaxed income, or receiving income outside PAYE who need to complete a tax return for the first time for the 2024-2025 tax year – is now less than two weeks away.
By October 5 individuals who started working for themselves and earned more than £1,000 (after business expenses), entered a business partnership, or received untaxed income (from property, dividends, or other sources) are included.
However, if a self-assessment has already been filed in previous years, this only applies if circumstances have changed.
Propertymark says self-employed agents, those running a business, or receiving additional untaxed income (for example, from commissions or referral fees) must check if registration is required. Even those paying tax through PAYE may need to file if they have other sources of income.
And now rental income counts towards self-assessment, and if it is not already taxed it must be declared. For those earning above £1,000 in property income must register, and those under this threshold can still register voluntarily to pay Class 2 NICs and protect their entitlement to State Pension and benefits.
Propertymark says: “Agents can remind landlords of their obligations, as misunderstanding tax status is a common cause of penalties.”
Agents who have to register can do so online via HMRC’s Government Gateway before October 5 and make sure HMRC has the correct contact details — email and phone — to receive notices and reminders.
Failing to register by October 5 will mean a Notice to File from HMRC will not be received, and the requirement to submit a tax return by January 31 2026 will still apply.
But Properttymark is reminding agents that missing the deadlines can be costly:
- An automatic £100 penalty applies if filed after January 31;
- Three months late, HMRC adds £10 per day (up to £900). At six and twelve months late, a further £300 or 5% of the unpaid tax — whichever is higher could be added;
- Late payment also triggers charges: 5% of unpaid tax after 30 days, another 5% after six months, and a further 5% after twelve months, plus interest;
- Registering late and tax is due, HMRC can issue a ‘failure to notify’ penalty.
Propertymark has issued guidance in the past – A positive HMRC Self-Assessment evolution (2024) – which helps with setting up a Gateway account.
HMRC offers a range of support, including explainer videos, calculators, and webinars, to help first-time and seasoned filers complete their return accurately.
