Self-Assessment Deadline

As a new year begins we get closer to the Self-Assessment Tax Return deadline of 31 January 2023.

A majority of returns are now filed on-line but statistics continue to show that many are still left to the last minute to file. Filing earlier means you can avoid any last minute issues with information, delays, knowing what to pay or maybe filing issues.

Failure to meet the 31 January 2023 deadline will result in an automatic late filing penalty of at least £100.

At the same time as filing your tax return if you have a tax liability to pay this will also be payable by 31 January 2023. Failure to meet the payment deadline will result in interest being charged and late payment penalties if the delay continues.

If you have not received a notice to file tax return from HMRC it remains your responsibility to advise HMRC if you are required to complete one; failure to do so can result in additional penalties. If you do not already have a Unique Taxpayer Reference to enable you to file a tax return one should be applied for as soon as possible as HMRC services are suffering delays.

For the filing deadline of January 2022 HMRC allowed a month extension before charging penalties, but it is not expected to delay any penalties for 2023.

So please do not delay and file your tax return as early as you can.

If you require any assistance with filing your tax return, or a review of your circumstances to see if you should file a return, please do contact us.

Disclaimer - All information in this post was correct at time of writing.