The next deadline for submitting your Self Assessment tax return is on January 31, 2024, and there are only 100 days left.
If you’ve filled out a return before, you only need to do so online before the deadline.
If you believe you no longer need to file, you must inform HMRC to avoid penalties.
Self Assessment Tax Returns
Self Assessment tax returns are primarily for income tax collection.
Especially for individuals and businesses with multiple income sources.
You may need to send a tax return if you are:
- A sole trader with income over £1,000.
- Total taxable income over £100,000.
- Income from renting out a property, in addition to your wages.
- Have overseas income.
The deadline for Self Assessment depends on your submission method.
For paper submissions, for example, for the 2022-2023 tax year, the deadline is October 31, 2023.
For online submissions, for the same tax year, the deadline is January 31, 2024.
Submitting your return more than 3 months late will result in a £100 penalty, and additional fines, including interest, may apply.
No Longer Need to Send a Tax Return
If your circumstances have changed in the current tax year, and you no longer meet the criteria for filing.
You must inform HMRC through online forms or mail and wait for their confirmation letter.
Generally, you must inform them and receive their confirmation letter before the deadline, or you may face penalties.
If you’re unsure whether you need to continue filing Self Assessment tax returns, you can consult our team to prepare in advance.
Change Your Return
If you discover that your submitted return needs amendments, make those changes before the deadline.
For paper returns, you have 12 months after the deadline to send a corrected return.
For online returns, if you’ve already submitted one, you need to wait for 72 hours before making updates.
If you miss the deadline or need to amend a return for a different tax year, you should write to HMRC.
Given that completing your tax return may take some time, we recommend taking action as soon as possible to avoid penalties.