January 22, 2024 News No Comments

The deadline of 31st January 2024 for submitting Self Assessment tax returns for the 2022/23 tax year is looming. If you need to submit a tax return, it is important to do so by the deadline to avoid paying late filing penalties.

You can check whether or not you need to complete a tax return for 2022/23 by using the government tool.

If you submit your return later than the deadline, you will typically face a £100 penalty if the tax return is up to 3 months late. Should the return be submitted over 3 months late, you may be faced with a larger penalty.

Any payment for underpaid tax must also be received by HMRC by 31st January 2024. You will be charged interest by HMRC on any late tax payments:

• 30+ days late – you’ll need to pay a 5% penalty of the tax owed
• 6+ months late – you’ll need to pay a further 5% penalty of the tax owed
• 12+ months late – you’ll need to pay an additional 5% penalty of the tax owed

You can complete your Self Assessment tax return online here.

You can pay any outstanding Self Assessment tax bill online here.

For a fee, professional accountants can help you complete your Self Assessment, or complete it on your behalf, however you will need to provide them with the relevant figures. Please get in touch if you would like a recommendation for accountants we have previously worked with.

Written by Eldon