Tax Calendar for 2023/24: Key Dates for Self-Assessment Tax Returns
If you're a self-employed individual, have rental income or are a small business owner in the UK, filing your self-assessment tax return can be a stressful experience. However, planning ahead and being aware of important deadlines can help alleviate some of the pressure. Below, we share a rundown of the key dates for the tax year 2023-24.
Key Self-Assessment Dates 2023/24:
6th April 2023 - Start of the Tax Year
The tax year in the UK runs from 6th April to 5th April the following year. Any income earned within this period must be reported in your self-assessment tax return for the corresponding year. Any new tax rates or allowances put forward in the Budget will also come into effect from this date.
31st July 2023 - Second Payment on Account Due
If you are required to make advance payments towards your tax bill, the second payment on account is due before midnight on 31st July. You will then need to pay a further 'balancing payment' on 31st January 2024 if any tax is still outstanding. The payment amount is determined from your earnings in the previous year.
5th October 2023 - Self-Assessment Registration Deadline
If you've only been self-employed for a short time and this is the first time you'll be filing a self-assessment tax return, you need to register with HM Revenue & Customs (HMRC) by 5th October in order to file your returns for the tax year 2022-23. You will then be on HMRC's self-assessment tax records and receive your unique tax reference (UTR) number.
All individuals earning over £1,000 from self-employment in a tax year must declare it to HMRC. This date is also when you need to register for any Capital Gains Tax if you have sold any assets (other than property which is 60 days after completion) and made a profit.
31st October 2023 - Self-Assessment Deadline for Paper Tax Returns
This date is one of the key self-assessment deadlines in 2023. If you prefer to file a paper tax return rather than an online one, you must submit your return for the year 2022-23 to HMRC by 31st October. However, it's worth noting that the online filing deadline is later and quicker and simpler than the paper process.
30th December 2023 – Opt into PAYE
If you also pay tax via PAYE, you have the option to pay any overdue tax over 12 months via your tax code instead of a single payment on 31st January. To qualify, you must file your tax online before 30th December, and your tax bill must be less than £3,000.
31st January 2024 - Online Tax Return Deadline and Payment Deadline
This date is the most important deadline for self-assessment tax returns. If you're filing your tax return online for the year 2022-2023, it must be submitted to HMRC by midnight on 31st January.
You'll also need to pay any tax you owe by this date, including the first instalment of any payments on account for the 2023-2024 tax year and any balancing payments owed from 2022-2023.
5th April 2024 – End of the Tax Year
5th April is the end of the tax year. Your tax allowances will reset, and you will shortly receive a notification to file your next tax return.
Keeping up with your tax obligations by providing all the required information and payments to HMRC by their deadlines is fundamental to running a successful business. It can be a stressful process, with any missed deadlines resulting in late filing penalties and interest charged on late payments.
At Keith Graham Chartered Accountants, we help take away the worry of self-assessment tax obligations. Our Self-Assessment Accountants will ensure your returns are completed accurately, cost-efficiently and on time. We can also deal with HMRC directly on your behalf.
To find out more, please get in touch with our team.