Important dates if you are self-employed in the UK
When we talk about dates for tax, often the date is said to be ‘during the tax year’ or ‘following the end of the tax year’. A UK tax year runs from 6 April to the following 5 April.
So, if we are talking about the tax year 2022/2023 it started on 6 April 2022 and finished on 5 April 2023. The 31 January during the tax year was 31 January 2023, the 5 October following the end of the tax year would be 5 October 2023 and the 31 January following the end of the tax year would be 31 January 2024.
The first payment on account for the tax year ending the following 5 April is due. For example, the first payment on account for the 2023/24 tax year was due by 31 January 2024.
The tax year ends on 5 April and shortly after this date anyone who is required to file a tax return will receive a notice advising that you must file a tax return for the tax year just ended. If you have stopped trading during the tax year, you will still need to complete a tax return for your last year of business. Contact us to find out what you need to do if your business has stopped trading.
The second payment on account for the tax year ending the previous 5 April is due. For example, the second payment on account for the 2023/24 tax year is due by 31 July 2024.
The 5 October is the date by which you need to notify HMRC that you have income that has not been taxed before you received it, or capital gains in excess of the annual exempt amount (£12,300 for 2022/23 and £6,000 for 2023/24). This is so that HMRC can send you a notice a file a tax return. If you are self-employed, you need to register with HMRC for tax purposes by this date.
If you are sending HMRC a paper tax return this must be submitted by 31 October. If you send the form after this date there will be a penalty even if you have no tax to pay. The deadline for filing a paper tax return for 2023/24 for the purpose of establishing when late filing penalties become due is 31 October 2024, and for other tax years the filing deadline for paper tax returns is 31 October following the tax year.
If you file your tax return online, you will need to submit it by 30 December (following the end of the tax year) if you have employment or pension income and want HMRC to collect the self-employed tax through your PAYE tax code. This may be possible where you owe less than £3,000. If your income is more than £30,000, even more tax may be collected through your PAYE tax.
All tax returns filed online must be submitted by 31 January (following the end of the tax year). If you miss this deadline a penalty will be charged even if you have no tax to pay or have already paid all of the tax you owe. See our penalties section for more information. The deadline for filing an online tax return for 2023/24 for the purpose of establishing when late filing penalties become due is 31 January 2025, and for other tax years the filing deadline for online tax returns is 31 January following the tax year. Also, your balancing payment of tax is due at this time. For example, your balancing payment for 2023/24 is due on 31 January 2025. You may also have a payment on account to make at this time. For example, you may have a payment on account to pay for the 2024/25 tax year on 31 January 2025.
If you become aware that an entry on your paper or online tax return is incorrect you can amend that return up to 12 months after 31 January following the end of the tax year. For example, if you need to amend your 2022/23 return you have until 31 January 2025 to make the amendment. This applies whether you filed manually using a paper return or completed it online.
Call us on 0118 2077207 if you require more information or click this link
Conclusion
If you are 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.
