HMRC self-assessment tax return date as Brits have days to assert or threat effective

On Jan 30, 2024

There is not lengthy left for self-employed Brits to file of their on-line self-assessment tax return.

It’s essential to file in your tax in any other case you threat a £100 effective and curiosity expenses of seven.75%. You have till 11.59pm on January 31 to ship HMRC a web-based tax return for 2022/23 tax yr, which ended on April 5, 2023.

The identical deadline applies to individuals who must make funds in direction of their tax invoice. You should act quickly as potential to keep away from the hefty effective.

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Around 3.8million persons are but to file their tax return, whereas 8.3m returns have now been submitted, based on HMRC’s newest figures printed on January 23.

Money — Self-employed Brits should do it manually
(Image: Alamy Stock Photo)

Most UK taxpayers have their taxes deducted as a part of their wages, whereas self-employed staff should manually submit a declare.

You’ll must submit a tax return if any of the next utilized to you within the 2022/2023 tax yr:

You had been self-employed and your revenue was greater than £1,000
You had a number of sources of revenue over £1,000
You earned £10,000 or extra earlier than tax from financial savings, investments, shares or dividends
You claimed Child Benefit while you or your associate earned greater than £50,000 a yr.
You earned greater than £2,500 from renting out property, or from different untaxed revenue, akin to ideas or fee
You earned greater than £100,000 in taxable revenue
You earned revenue from overseas, or lived overseas and had a UK revenue
You must pay capital features tax
You obtained revenue from a belief
Your state pension was greater than your private allowance and was your solely supply of revenue (until you began getting your pension on or after April 6, 2016)
HMRC has instructed you that you just did not pay sufficient tax final yr (and you have not already paid up by your tax code or by way of voluntary funds)
You filed a self-assessment tax return for the 2021/22 tax yr (even should you did not owe any tax). You’ll must file once more this yr until HMRC has already written to you to say you needn’t
You had been self-employed and incomes lower than £1,000 however you continue to wish to pay ‘class 2’ nationwide insurance coverage contributions voluntarily to guard your entitlement to the state pension and sure advantages

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You may test the GOV.UK’s free device to see whether or not you should file a tax return. Anyone new to self-assessment must register with HMRC first.

The deadline for filling paper returns for 2022/23 tax yr was October 31, 2023, so you need to full your return on-line now to keep away from paying a penalty.

If you had been to file a paper return now you’ll be fined. You additionally must pay any tax you owe for 2022/23 tax yr and make your first cost on the account for the 2023/24 tax yr 11.59pm on January 31, 2024.

And should you miss this deadline, you will be charged an annual curiosity of seven.75% on the quantity owed. You’ll additionally should pay a penalty of no less than £100 should you file the return late.

The GOV.UK web site gives an on-line device for calculating how a lot you will must pay in penalties and curiosity should you miss the deadlines.

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