Self-Assessment Deadline Looms – Talk To Us Today

Taxpayers who need to submit a tax return for the tax year to April 5th 2023 have less than a month to register for self-assessment.

The deadline is October 5th 2023 and people who no longer need to file a tax return should also contact HMRC to have their notice to file withdrawn.

The deadline for submitting a tax return in respect of the year April 6th 2022 to April 5th 2023 is January 31st 2024 if they are submitting online, and October 31st 2023 if submitting by post.

People who need to submit a tax return for the first time will need to notify HMRC that they need to submit a tax return.

This includes people who have started self-employment or as a partner during the 2022/23 tax year. People who started to receive other taxable income during the year, such as rental or investment income, may also need to register.

Increased income levels can be another trigger for individuals to register for self-assessment. People with income exceeding £100,000 for the tax year also need to submit a tax return, although this threshold is increasing to £150,000 from the 2023/24 tax year.

People with adjusted net income over £50,000, where they or their partner continue to receive child benefit payments, also need to register.

Taxpayers should register by 5 October 2023, otherwise failure to notify penalties may be applied.

By contrast, some individuals may no longer fit within HMRC’s criteria for when a self-assessment return is required, owing to changes in their circumstances or changes to HMRC’s criteria.

For example, HMRC no longer requires “no income other than PAYE” directors to register for self-assessment. However, if HMRC has issued a notice to file a self-assessment return for 2022/23, the return must be filed unless HMRC can be persuaded to withdraw the notice.

Thanks to their enviable reputation for efficiency and expertise Barter Durgan work with hundreds of businesses, organisations and individuals in Portsmouth, Southsea and across Hampshire. Contact Barter Durgan today 02392 738311 or go to barterdurgan.co.uk