{"id":7135,"date":"2020-01-25T19:18:37","date_gmt":"2020-01-25T19:18:37","guid":{"rendered":"https:\/\/www.qualitycompanyformations.co.uk\/blog\/?p=7135"},"modified":"2024-11-08T11:43:32","modified_gmt":"2024-11-08T11:43:32","slug":"remember-to-file-your-self-assessment-tax-return-by-31st-january","status":"publish","type":"post","link":"https:\/\/www.qualitycompanyformations.co.uk\/blog\/remember-to-file-your-self-assessment-tax-return-by-31st-january\/","title":{"rendered":"Remember to file your Self Assessment tax return by 31 January"},"content":{"rendered":"
The deadline for filing an online Self Assessment tax return for the 2023\/24 tax year, which ended on 5 April 2024, is midnight on 31 January 2025. Any Income Tax and National Insurance due for the 2023\/24 tax year must also be paid by midnight on 31 January 2025.<\/p>\n Reduce your business risk - form a limited company today<\/span><\/a>\n \n You do have the option to file Self Assessment tax returns by post if you’d rather. The deadline for submitting a paper tax return for the 2023\/24 tax year is 31 October 2024. However, filing online is much easier, more secure, and results in fewer errors.<\/p>\n Self Assessment<\/a> is the system that HMRC uses to collect Income Tax and National Insurance from self-employed individuals and anyone who receives unreported taxable income from other sources, including limited company directors, shareholders, and members of limited liability partnerships (LLPs).<\/p>\n You will need to complete a Self Assessment tax return if:<\/p>\n If you\u2019re not sure whether you need to file a tax return, you can use HMRC’s online tool to check if you need to send a Self Assessment tax return<\/a>.<\/p>\n You can file your Self Assessment tax return (form SA100) with HMRC in one of two ways:<\/p>\n The quickest and easiest way to send a Self Assessment tax return is online. You also get an extra three months to file an online return and it\u2019s much easier to make amendments.<\/p>\n Before you can file your first tax return, you must register for Self Assessment<\/a>. You will also need to register if you did not send an online tax return last year.<\/p>\n Within 10 working days (or 21 days if your address is not in the UK) of registration, HMRC will send you a letter containing your 10-digit Unique Taxpayer Reference (UTR)<\/a>. You must then:<\/p>\n Within 7 working days (or 21 days if your address is not in the UK) of signing up for the Self Assessment online service, HMRC will send you an activation code in the post. You will use this code and your UTR to sign in to your account and file your Self Assessment tax return online.<\/p>\n In order to complete your Self Assessment tax return correctly, you will need to provide personal information and details of all forms of taxed and untaxed income (where applicable), including:<\/p>\n You should also include information on any allowable business expenses that you wish to deduct from your tax bill.<\/p>\n Once you\u2019ve submitted your Self Assessment tax return to HMRC, you should receive a confirmation message and reference number. HMRC will calculate the tax and National Insurance that you owe.<\/p>\n Sole trader or limited company \u2013 which is better for me?<\/span><\/a>\n \n Whether you do your own bookkeeping and accounting or use the services of an accountant or tax advisor, you must keep accounting records<\/a> of all income and business expenses.<\/p>\n Aside from making life easier, good record-keeping practice will ensure that your tax returns are accurate and you\u2019re able to produce evidence of income and expenditure for HMRC if requested to do so.<\/p>\n If you complete a paper Self Assessment tax return, HMRC will send your bill by post. If you file online, you can view your tax bill when you\u2019ve completed your return (but prior to submitting it to HMRC).<\/p>\n Your final tax calculation can also be viewed online in your Self Assessment account approximately 72 hours after filing your online return.<\/p>\n Whether you choose to submit your tax return online or by post, you will need to pay your Self Assessment tax bill<\/a> by midnight on 31 January after the end of the tax year that you are paying for. Payments can be made in one of the following ways:<\/p>\n If the Self Assessment payment deadline happens to fall on a weekend or bank holiday, you must ensure that your payment reaches HMRC by the last business day before the payment deadline (unless you choose to pay by Faster Payments or by debit or credit card).<\/p>\n It\u2019s also worth noting that online payment services can be slow during busy times, so try to avoid paying your bill at the very last minute.<\/p>\n There are several dates and deadlines to be aware of if you need to file a Self Assessment tax return. The Self Assessment deadlines for the 2023\/24 tax year, which started on 6 April 2023 and ended on 5 April 2024, are as follows:<\/p>\n If your Self Assessment tax bill is more than \u00a31,000, you will have to make advance payments toward your 2024\/25 tax bill by midnight on 31 January 2025, and again on 31 July 2025. These advance payments are known as \u2018payments on account<\/a>\u2019.<\/p>\n If you fail to meet any of these deadlines, HMRC will impose penalties. To avoid further action or additional penalties, you should rectify the issue as soon as possible or contact HMRC for help or advice.<\/p>\n You will receive a penalty if you miss the deadline for filing your Self Assessment tax return or paying your tax bill, so it is very important to be aware of all Self Assessment deadlines and start preparing for your tax return and tax bill in good time.<\/p>\n The penalties imposed by HMRC are:<\/p>\nDo I need to file a Self Assessment tax return?<\/h3>\n
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How to file your Self Assessment tax return<\/h3>\n
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Registering for Self Assessment<\/h3>\n
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Completing your Self Assessment tax return<\/h3>\n
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Paying your Self Assessment tax bill<\/h3>\n
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Self Assessment deadlines<\/h3>\n
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Self Assessment penalties<\/h3>\n