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Understanding HMRC Tax Return Deadlines: Essential Dates for 2023-2024

Tax filing can often seem like a daunting task, especially when it comes to keeping track of various deadlines.

For the tax year starting on 6 April 2022 and ending on 5 April 2023, it’s crucial to be aware of the critical dates set by HM Revenue and Customs (HMRC) to avoid penalties and ensure smooth processing.

Whether you’re filing for the first time or are a seasoned taxpayer, this guide will provide you with the essential information needed for the 2023-2024 tax season.

The deadline for Online Returns Submissions is fast approaching and needs to be done by 31 January 2024.

Navigating the 2022-2023 Tax Year

Initial Notification to HMRC

The first step in the tax filing process is notifying HMRC that you need to file a tax return. This is particularly important if you haven’t filed one before. The deadline for this notification is 5 October following the end of the tax year.

If you’re new to this, you can register for Self Assessment on HMRC’s website, a process that informs them of your intent to submit a tax return.

Submitting a Paper Return

If you prefer the traditional method of paper tax returns, be mindful that your submission must reach HMRC by midnight on 31 October 2023. Adhering to this deadline is crucial to avoid any late submission penalties.

Online Return Submissions

In the digital age, online tax returns have become increasingly popular due to their convenience. For those opting for this method, the deadline is slightly extended. Your online return should be submitted by midnight on 31 January 2024.

Paying the Tax You Owe

Alongside filing your tax return, ensuring that you pay any tax due is equally important. The deadline for making this payment is also midnight on 31 January 2024. There’s an additional deadline of 31 July for those who make advance payments (known as ‘payments on account’). It’s important to meet these deadlines to avoid interest and penalties.

Dealing with Uncertain Profits

In some cases, you might not know your exact profit for the entire tax year. This could be due to different accounting periods or awaiting valuations. In such scenarios, HMRC allows you to submit provisional figures. Make sure to inform HMRC that these are provisional when you submit your return. Once you have the final figures, you can amend your return within 12 months of the Self Assessment deadline. Remember, if more tax is due, interest will be calculated from the original payment deadline.

Special Circumstances and Exceptions

There are instances where the standard deadlines don’t apply. For example, if you wish HMRC to automatically collect tax owed from your wages and pension, you need to submit your online return by 30 December. Additionally, trustees of registered pension schemes or non-resident companies have until 31 January to submit a paper tax return.

For partnerships involving a limited company, the deadlines vary based on the accounting date. Online returns are due 12 months from the accounting date, while paper returns have a 9-month deadline.

Staying Ahead of HMRC Deadlines

Staying informed about HMRC tax return deadlines is vital for efficient tax planning and compliance. By marking these key dates in your calendar and preparing in advance, you can ensure a hassle-free tax filing experience. Remember, late submissions or payments can lead to penalties, so it’s best to act promptly.

Do you have any specific questions about these deadlines or any other aspect of HMRC tax returns? Get in touch with Cutts & Co and talk to our specialist tax advisors today.

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