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Self-Assessment deadline

17/01/2024

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:

  • Those with untaxed income – including rental income, income from savings, investments, dividends, tips, commission, and foreign income.
  • Those earning over £50,000 and either they or their partner claims child benefit – if child benefit is claimed and one person in the relationship earns over £50,000 they will need to register for self-assessment to pay the ‘high income child benefit charge’ - note that this may change in future, as in July 2023, the government stated an intention to provide details in due course on how it will enable employed customers to pay through their tax code, without the need to register for self-assessment.  
  • Those earning over £100,000 – a self-assessment tax return is required for those individuals with taxable earnings above £100,000. However, next year (for 2023/24) this threshold will increase to £150,000 and in the Autumn Statement the Government announced that for 2024/25, they would abolish the threshold altogether (removing the requirement for up to 338,000 taxpayers to submit a return).
  • To claim tax relief – higher or additional rate tax payers who contribute to a personal pension via relief at source or make charity donations subject to gift aid will only receive tax relief at 20%. They will normally need to claim the additional 20% (higher rate) or 25% (additional rate) tax relief they are due through self-assessment.
  • Where the annual allowance or lifetime allowance has been exceeded – where someone has exceeded the pensions annual allowance or incurred a lifetime allowance charge in 2022/23, this must be reported on their self-assessment tax return. This must be reported even where a pension scheme has paid the tax charge on their behalf.
  • Trustees of a trust - must report the trust’s income and gains using a trust and estate self-assessment tax return.

Individuals who are unsure can check if they need to complete a self-assessment tax return.

Comment

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.

Important 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.