When is my self-assessment due?

by Aug 15, 2023Running a business

With summer slowly coming to an end, you may be asking yourself: ‘When are self-assessments due?’

It won’t be long before the registration deadline for self-assessment tax returns rears its head, shortly followed by filing and payment due dates.

So, if you want to stay on schedule, this article will give you all of the important dates to mark on your calendar.


When are self-assessments due?

Registering for income tax self-assessment

If you’re intending to submit your first self-assessment tax return for the 2022/23 tax year, you’ll have to tell HMRC by 5 October 2023. The same applies if you usually submit a self-assessment, but didn’t for the previous year.

There are also different ways to register for income tax self-assessment depending on your employment status.

Once you’re signed up, you can submit your return any time before the deadline on 31 January 2024.


Paper tax returns

For any taxpayers still using paper returns, you’ll have to download your forms and any supplementary pages from the Government website and ensure your return reaches HMRC by 31 October 2023.

If your return doesn’t reach HMRC by the deadline, you’ll receive an automatic penalty depending on long your return takes to arrive. As a result, we’d recommend posting your paper return with plenty of time to spare — at least a week before the deadline.


Paying via tax codes

Some taxpayers can pay their outstanding tax balance via a PAYE tax code. To be eligible to pay your bill in this way, you must:

  • submit your tax return by the deadline;
  • owe less than £3,000 on your tax bill;
  • already pay tax through PAYE (e.g. as an employee or through a company pension scheme).

If you meet all three conditions, HMRC will automatically collect payment unless you state not to on your return.


When you cannot pay through your tax code

You cannot pay HMRC through your tax code if:

  • you don’t have enough PAYE income to cover your bill
  • you’d pay more than 50% of your PAYE income in tax
  • you would pay double the amount of tax as usual
  • you owe more than £3,000 but made a partial payment to take you under £3,000.


Final deadlines

Self-assessment customers who file returns online must submit their return and pay the outstanding balance by midnight on 31 January 2024.

If you also filed a self-assessment tax return for the 2021/22 tax year, you may need to make advance payments on account towards your next tax bill, with the first instalment due on 31 July 2023.

Remember, missing deadlines or failing to pay your tax bill on time could result in penalties.

If you’re unable to pay your bill in time, we’d recommend letting HMRC know as soon as possible. Depending on your circumstances, you may be able to make a time to pay arrangement and pay in instalments.


Don’t leave it to the last minute

Now you know when your self-assessment is due, you need to make sure you meet your deadlines.

The good news is you have plenty of time to file your return, but it doesn’t hurt to get ahead of the game. If you want some help meeting your obligations we’re always be happy to help.

When are self-assessments due? Get in touch to discuss your self-assessment tax returns.

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