People who need to file a self-assessment tax return for the 2022-23 tax year should now have completed it and paid any tax owing by the deadline of January 31.
Being aware of this year's and next year’s tax deadlines can help you prepare for the 2023-24 bill.
Find out below the important dates over the next tax year.
When do I need to register for self-assessment?
You need to register for self-assessment by the first October after you began your business. This is important if you’re self-employed or a sole trader, if you’re no longer self-employed, or if you need to register a partnership. You can do this on Gov.uk.
When do I need to file a tax return?
The deadline for paper tax returns for the 2022-23 tax year was October 31, 2023, while for online tax returns it, as always, was January 31. You can file your tax return for the 2023-24 tax year after it ends on 5 April.
When do I have to pay my tax?
The deadline to pay your tax is always January 31. The deadline for making a payment on account is July the following year. This is a part payment for the tax year that has just ended and will be an estimated figure if you have not completed your tax return beforehand. Usually it will be about half the total sum owed.
When the deadlines are different
The deadlines can vary slightly depending on your circumstances.
If you want HMRC to automatically collect tax you owe from your wages and pension, you need to submit your online return by December 30. But find out if you are eligible to pay this way first.
If you’re in a partnership and its accounting date (the year-end date for your annual accounts) is between February 1 and April 5, the deadline for online returns is 12 months from the accounting date. For paper returns, the deadline is nine months from the accounting date.
Furthermore, the rules for basis periods (your accounting year, which as a business does not have to be the same as the tax year) are changing from the 2023/24 tax year. Further details can be found here.
What happens if I miss the tax deadline?
If you miss the deadline for submitting your tax return or paying your taxes, you will need to pay a penalty. If the tax return is up to three months late, the penalty will be £100. The penalty will be more if you submit it even later, or if you are late paying.
