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For those required to submit a self-assessment tax return, 31 January 2024 is the deadline for submitting an online tax return for the 2022-23 tax year. Any paper returns will already need to have been submitted by midnight on 31 October 2023.
Self-Assessment is primarily for the self-employed or those who are partners in a business partnership. However, many other individuals will need to submit a return and may not always realise.
Further reasons for a Self-Assessment return
Many other people who are not self-employed or business partners need to complete self-assessment for a variety of reasons, including:
Individuals who are unsure can check if they need to complete a self-assessment tax return.
For those who do need to file for the 2022/23 tax year, it is not a good idea to wait until 31 January 2024 to do this. If the deadline is missed, late filing penalties start at £100, with further penalties added thereafter.
In respect of pensions, it is well known that many people fail to claim higher or additional rate tax relief. For those incurring an annual allowance tax charge, often they will not be familiar with the payment process and may require help from their financial adviser in doing so.
At the start of this month, HMRC were urging almost 5.7 million people who still needed to file their tax return for the 2022 to 2023 tax year to meet the deadline. For further help and support in doing this, HMRC provide information.
Please note this is for general information only and is based on LV=’s understanding of the relevant legislation and regulations and may be subject to change.
The tax treatment of benefits depends on individual circumstances, and may be subject to change in the future.
The use of this document is at your own risk, and the content should not be used for the provision of professional advice.
LV= accept no liability for any damages, losses or causes of action of any nature arising from your use of this document.