With the first half of the year behind us, there’s a nagging question on the minds of many taxpayers: when is self-assessment due?
The deadline to submit your self-assessment tax return online and pay the tax due is midnight on 31 January after the end of the tax year you’re reporting on.
There are a few other deadlines to be aware of, however, depending on your circumstances. Here’s what you need to know.
As part of the self-assessment process, you’ll need to register, file your return, and pay the tax due.
Registering for self-assessment
If you didn’t send a tax return last year, you’ll need to register to do so this year. The registration deadline is 5 October.
There are different ways to register depending on your employment status and business structure. You can find more information on the Government’s register for self-assessment guidance page.
Submitting self-assessment returns
We’ve already mentioned that the main deadline to submit a self-assessment return online is 31 January.
However, if you choose to submit a paper return instead, the deadline is a few months earlier, at midnight on 31 October.
Relatively few people submit their tax returns this way – in 2023, only 3.5% of taxpayers filed a paper return. In most cases, online filing is the simplest and easiest method.
Paying self-assessment tax
Finally, once your tax bill has been calculated, you’ll need to pay the amount due.
The main deadline for this is the same as the online filing deadline, 31 January.
But in some cases, you might need to make payments on account to spread the estimated cost of your tax bill for the following year too. If so, the following two deadlines will apply to you:
- 31 January for your balancing payment and first payment on account
- 31 July for a second payment on account.
For more information, take a look at our previous blog post on payments on account.
Summary of deadlines for the 2022/23 tax year
To recap, if you’re due to file a self-assessment tax return for the period between 6 April 2022 and 5 April 2023, these are the deadlines you’ll need to meet:
- 5 October 2023 to register for self-assessment
- 31 October 2023 to file a paper return
- 31 January 2024 to file an online return
- 31 January 2024 to pay the tax you owe
- 31 July 2024 to pay your second payment on account
Why get ahead now?
January might seem far away, but you don’t have to wait until then to submit your tax return. We’d recommend getting ahead and filing your tax return in the next few months.
This can help for a number of reasons.
Many of our clients find it’s easier to get their tax return done and dusted in the summer months, rather than leaving it until the end of the year. This is particularly true if you tend to be busier around Christmas and New Year.
It also means you have more time to deal with any issues if they come up. If you’re missing some records and need to dig them up, it’s much better to realise that now than in the final hours before the deadline.
Submitting your tax return now also means you’ll find out what you owe sooner, giving you more time to plan and budget around it.
If necessary, you can ask HMRC to pay your tax bill in instalments, or otherwise get help if you can’t pay your bill in full.
You’ll also know earlier if you’re owed a refund, and you’ll be able to receive it sooner from HMRC.
Avoid the rush
January is one of the busiest times for HMRC’s helplines, and if you have trouble filing your tax return at this time, you might struggle to get the assistance you need.
Filing early gives you a better chance of getting through to someone who can resolve your problem, without the last-minute stress.
It also means we can help you more easily, taking the time to talk through your return, understand any issues you have, and make the most of any reliefs or allowances available to you.
The upcoming tax return deadline can start to weigh on your mind at this time of year – but we’re here to help.
As part of our self-assessment service, we can handle the whole process for you, getting your return to HMRC in plenty of time and helping you to plan around your tax bill.
Get in touch to find out more.