The 31 January deadline for submission of 2022-23 Self-Assessment Tax Returns, covering the year ended 5 April 2023 is fast approaching, with only 4 weeks left to file until the deadline.
If there is any tax owed for 2022-23 this will also need to be paid by 31 January 2024, and if required, the first payment on account due towards 2023-24 will also need to be paid at the same time. Interest will charged on any tax not paid on time, with an additional 5% surcharge on any tax overdue at 30 days, 6 months and 12 months.
If you are unlikely to be able to meet any tax payments when they are due, it is best to contact HRMC as soon as possible to arrange a payment plan, which will then mitigate any penalties due. Those who cannot pay in full by the deadline may be able to set up a Time to Pay arrangement online if the amount owed is less than £30,000.
A self-assessment tax return is likely to be needed if you have complex affairs, capital gains above the personal allowance, let property income or need to repay child benefit. If you are unsure whether a tax return is required, please contact us.
