Self-Assessment Tax Return Deadlines in the UK

Introduction

The self-assessment tax return system is crucial for individuals in the UK who need to report income not taxed at source, such as freelancers, business owners, and high earners. Understanding and adhering to the various deadlines is essential to avoid fines and penalties. In this article, we’ll outline the key dates you need to remember for the self-assessment tax returns for the 2023-2024 tax year, including submission and payment deadlines, to keep your finances in order.

What is Self-Assessment?

Self-assessment is the system through which individuals and businesses in the UK report their income to HMRC and pay any tax due. While employees who are paid through PAYE (Pay As You Earn) typically have their tax deducted automatically, self-employed individuals, those earning additional income, or those with more complex tax affairs must report their earnings through a self-assessment tax return.

Who Needs to File a Self-Assessment Tax Return?
  • Self-employed individuals or sole traders
  • Directors of limited companies
  • High earners with income over £100,000
  • Individuals with income from savings, investments, or rental property
  • Partners in a business partnership
  • Those with foreign income or income not taxed at source

Key Self-Assessment Deadlines for the 2023-2024 Tax Year

Missing self-assessment deadlines can lead to penalties, so it’s crucial to stay informed. Here are the key deadlines for the 2023-2024 tax year:

31st October 2023: Paper Tax Return Submission
  • If you prefer to submit a paper tax return, you must do so by 31st October 2023. However, HMRC encourages online submissions for quicker processing and less room for error.
31st January 2024: Online Tax Return Submission and Payment**
  • For those submitting their tax returns online, the deadline is 31st January 2024. This is also the deadline for paying any tax owed for the previous tax year. Missing this date can lead to hefty penalties and interest charges.
31st July 2024: Second Payment on Account
  • If you make payments on account, the second installment is due by 31st July 2024. This prepayment goes towards your tax bill for the following year.