Navigating the intricacies of the UK tax system is essential for freelancers, self-employed individuals, and business partners. The Infinity Group is here to guide you through the Self Assessment ensuring compliance and peace of mind.
What is a Self Assessment Tax Return?
The Self Assessment Tax Return, a cornerstone of HMRC’s tax collection system, meticulously captures an individual’s earnings and income sources during the tax year. If you find yourself in any of the following situations, completing a Self Assessment Tax Return is mandatory:
Self-employed as a sole trader with earnings surpassing £1,000 after tax relief.
A partner in a business partnership.
Total taxable income exceeding £100,000.
Obligated to pay the High Income Child Benefit Charge.
Additionally, untaxed income sources such as COVID-19 grants, rental income, tips, commissions, savings, investments, dividends, and foreign income may also warrant a tax return.
Key Dates for the Self Assessment Tax Year
6th April 2023: Start of the 2023/24 Tax Year
The tax year begins, marking the period for income reporting.
5th October 2023: Deadline for Registration
Newly self-employed individuals or those new to Self Assessment must register with HMRC by this date, receiving a Unique Tax Reference (UTR) number.
31st October 2023: Paper Tax Return Deadline
For those opting for a paper submission, the deadline for the 2022/23 tax year is 31st October 2023.
30th December 2023: PAYE Payment Option
Eligible individuals can opt to pay tax through PAYE if their bill is under £3,000 and they file their online tax return by 30th December.
31st January 2024: Online Tax Return Deadline
Online submissions for the 2022/23 tax year must be completed by midnight on 31st January 2024 to avoid penalties.
31st January 2024: Tax Payment Deadline
The deadline for tax owed, including the balancing payment for the previous tax year and the first payment on account, is midnight on 31st January 2024.
5th April 2024: End of the 2023/24 Tax Year
Tax allowances reset, and HMRC notifies individuals to file their next tax return for the 2023/24 tax year.
6th April 2024: Start of the 2024/25 Tax Year
The new tax year commences on 6th April 2024.
31st July 2024: Second Tax Payment Deadline
For those making payments on account, the deadline for the second instalment is midnight on 31st July 2024.
Trust The Infinity Group for Expert Guidance
At The Infinity Group, we understand the critical nature of adhering to tax obligations. Our team is dedicated to ensuring your tax journey is seamless, minimising the risk of penalties and optimising your financial compliance.
For personalised assistance and to explore our comprehensive range of financial services, contact The Infinity Group today.
Understanding Self Assessment Tax Returns: A Comprehensive Guide by The Infinity Group
