If you need to submit your online self-assessment tax return or pay taxes, please complete it by midnight on January 31, 2024.
HMRC indicates that there are still over 5 million people who have not submitted their tax returns, and missing the deadline will result in fines of over £100.
If you have not taken action yet, it may be necessary to submit your return promptly to avoid fines and subsequent interest.
Who needs to submit a self-assessment tax return
You may need to assess whether you need to submit if:
- You are a sole trader with income exceeding £1,000.
- Taxable income exceeds £100,000.
- You are a business partner.
- You have foreign income.
- You have untaxed consumption or commission.
- You have rental income from properties.
- …
How to submit a self-assessment tax return
If you meet some of the aforementioned criteria, you need to submit your return before the deadline:
- If you have never submitted this form before, you must inform HMRC by October 5 of this tax year.
- Usually, you need to register for self-assessment with HMRC, or you may face fines.
- If you choose to fill out a paper tax return, it must be submitted by October 31 of this tax year.
- If you choose to submit online, you must do so by January 31 of the next tax year.
- For business partners, the deadline may vary.
Pay your tax bill
In addition, you not only need to pay the first installment for the new tax year before January 31, 2024, but also settle any outstanding tax from the previous year.
If you submitted an online tax return before December 30, 2023, and meet certain other requirements, HMRC may automatically collect the owed tax from your salary and pension.
If your account balance is insufficient, you can pay the tax by bank transfer, debit card, or cheque.
Here, our accounting team reminds you to prepare for payment in advance due to potential delays with different banks.
Fines
If you miss the deadline for submitting your self-assessment tax return, even if you do not owe any tax, you will be penalized.
A fine of £100 is levied when submitting the return 3 months late.
After 3 months, an additional fine of £10 per day is imposed, with a maximum cumulative fine of £900.
In addition, late payment of taxes may result in further fines and interest imposed by HMRC.
Get help
If you need additional assistance during your self-assessment, you can appoint our accounting team to assist.
Typically, accountants will assess the need for filing based on the information you provide.
You can also email our accounting team for quick assistance to avoid fines.
