With the festive season well behind us and the end of January rapidly approaching, many will be turning their attention to the Self-Assessment tax return deadline.
What about the 31 January deadline?
The self-assessment tax return for the 2022/23 tax year must be filed by midnight on 31 January 2024. If you miss this deadline, you will automatically receive a late filing penalty of £100, regardless of whether you owe any tax, unless you are able to convince HMRC that you have a reasonable excuse for filing your tax return after the deadline.
You must also pay any outstanding tax that you owe for 2022/23 by 31 January 2024.
Payments on account
If your total tax and Class 4 National Insurance liability was at least £1,000 for 2022/23 and less than 80% of your total liability is collected at source, for example, under PAYE, you will need to make payments on account for 2023/24. Each payment is 50% of the 2022/23 tax and Class 4 National Insurance liability. The first payment is due by 31 January 2024, along with any tax owing for 2022/23. The second payment should be paid by 31 July 2024.
Contact Us
Please contact us if you need any assistance with your Self Assessment tax return, and to find out how you we can help you to reduce your tax liabilities and maximise your tax efficiency.
Please note that the above is for general information only and does not constitute financial or tax advice. You should not rely on this information to make or refrain from making any decisions. You should always obtain independent professional advice in respect of your own situation.
