When are UK Self-Assessment Tax Returns Due
Find out when the UK self-assessment tax returns are due, how to know if you need to file one, and what happens if you were to miss a UK self-assessment tax return.
What is Self Assessment?
The UK self-assessment tax system requires individuals, self-employed workers, and business owners to report their income, capital gains, and other relevant information to Her Majesty's Revenue and Customs (HMRC) each year.
The tax year in the UK runs from April 6th to April 5th of the following year. The last tax year started on 6 April 2023 and ended on 5 April 2024.
Individuals are required to file their self-assessment tax returns accordingly. Many people procrastinate on this task until the deadline approaches, causing stress.
Who Should Submit a Self-Asssessment?
A self assessment tax return must be filed if any of the following criteria apply for the tax year:
- Earned over £1,000 as a self-employed 'sole trader' (before any expenses)
- Partner in a business partnership
- Earned £100,000 or more
- Received money from a rental property
- Received tips and commission
- Received foreign income
- Earned income from savings, investments, and dividends
- Received certain COVID-19 grant or support payments
- Received child benefits if income exceeded £50,000 during the 2023/24 tax year.
Additional criteria apply to untaxed income, and it may be necessary to complete a tax return if you have received any of the following during the 2023/24 tax year:
- Child benefits if the income was over £50,000
- Some COVID-19 grant or support payments
- Money from savings, investments, and dividends
- Foreign Income
- Tips and commission
- Money from a rental property
Self Assessment Deadline 2023/2024
The deadline for filing self assessment tax returns is 31st January 2025 for the 2023/24 tax year. This deadline applies to online tax returns and also includes the payment of taxes owed. If opting for paper filing, the deadline is 31st October 2024. The registration deadline is 5th October 2024 if it's your first time filing a tax return.
Let’s recap the self-assessment deadlines:
- 5th Oct 2024 – Self Assessment registration
- Midnight 31st Oct 2024 – Paper tax returns
- Midnight 31st Jan 2025 – Online tax returns
- Midnight 31st Jan 2025 – Payment for outstanding tax
UK Self Assessment Deadline for Non-Residents From Abroad 2023/2024
The deadlines for non-residents are the same as those listed above. Non-residents may need to fill out the SA109 Residence pages. If submitting them directly to HMRC, the deadline for paper filing is 31st October 2024. You can also easily file using our software Taxd if you are filing from abroad till 31 January 2025.
What if the Self-Assessment Deadline is Missed?
If you fail to meet the deadline for filing a self assessment tax return, it will lead to a penalty. The penalty for missing the deadline is £100. However, the penalties extend if you continue to prevent submitting your financial information to HMRC.
Some penalties are listed below:
- Late payment: £100 penalty
- 30 days late: 5% of the tax due
- Up to 90 days late: £10 per day penalty
- Six months late: 5% of the tax due or £300, whichever is greater
- 12 months late: Additional 5% of tax due or £300, whichever is greater
Wrapping Up
Understanding the deadlines and challenges of filing self-assessment tax returns is crucial for individuals and businesses in the UK. By being aware of the deadlines, organising financial records, and seeking professional assistance when needed, taxpayers can navigate the UK tax system effectively and avoid penalties. Taking proactive steps to meet tax obligations ensures compliance and contributes to a smooth tax filing process each year.
Discover the convenience of Taxd today and effortlessly meet all your tax obligations. Visit our website now to learn more.
