Countdown to Self-Assessment filing deadline

The self-assessment tax return season is upon us.

Registering for self-assessment online

If you are filing online for the first time, be aware that this process can take a few weeks to achieve.

Ensure you register to use HMRC’s Self-Assessment online service as soon as possible.

Key dates

  • The deadline for paper returns ends on 31 October 2023.
  • There are now less than 100 days to 31st January 2024 which is the deadline to file your 2022-23 Self-Assessment tax return online.

Income tax due date

Payment of any tax due should also be made by this date, 31 January 2024. This will include paying any outstanding balance of Self-Assessment liability for the 2022-23 and also the first payment on account due for the current 2023-24 tax year.

Missing the self-assessment filing deadline

If you should miss the self-assessment filing deadline for whatever reason, you will usually face a £100 fixed penalty.

Regardless of whether you owed tax or not, if your return is up to 3 months late, and if you do not file and pay before 1 May 2024, then further penalties will be levied.

The exception is if you have arranged a payment plan with HMRC.

HMRC encourages taxpayers to complete their tax return as early as possible with regular emails to try and avoid getting stressed as the filing date looms.

Submitting your returns early still means you have until 31 January 2024 to pay any tax due and gives you time to save for your tax bill.

Leave a Reply

Your email address will not be published. Required fields are marked *