5 Key Icelandic Tax Deadlines Every Freelancer Must Hit in 2025

TL;DR: Missing a single RSK deadline can cost up to 15 000 ISK in late fees. Add these dates to your calendar—or let FreelancePay handle them automatically.

1. 10 January – Advance Income‑Tax Adjustment

If last year's income was higher or lower than projected, file an adjustment (Rafv. 1.04) by 10 Jan to avoid surprise tax bills in March.

Pro tip: In FreelancePay, go to Dashboard › Reports › Tax Forecast for an auto‑calculated adjustment.

2. 10 March – Form 5.02 Submission (Individual Business Income)

All self‑employment income must be declared on 5.02. Skip the manual Excel: our one‑click export populates RSK's XML template.

3. 15 March / 5 April – First VSK Period of the Year

If you're VAT‑registered, your first filing (Jan–Feb) is due mid‑March (monthly) or early April (bimonthly).

Reminder: VSK applies once you exceed 2 million ISK turnover in any rolling 12‑month window.

4. 1 May – Pension Reconciliation

Pension funds send annual statements in April. Verify your 15.5 % contributions match earnings; fix gaps before 1 May to protect future benefits.

5. 31 May – Final Personal‑Income Tax Return

The electronic tax return (skatframtal) closes end‑May. FreelancePay users can import their pre‑verified income line by line.

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