Self-assessment tax is determined by your income from the previous tax year rather than the calendar year.
The tax year spans from 6 April to 5 April, with the deadline for your tax return falling in the subsequent January.
For the 2022-23 tax return, the self-assessment deadlines are as follows:
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Self-employed individuals must annually submit a self-assessment tax return to fulfill their income tax and National Insurance obligations.
Additionally, individuals falling into the following categories are also required to complete a tax return:
If you run a limited company, you must submit a company tax return in addition to a personal income tax return.
Furthermore, if you fail to settle your tax by 31 January 2024, HMRC will charge interest calculated at the Bank of England's base rate plus an additional 2.5%.
Failing to meet the self-assessment return deadline carries financial consequences, as HMRC has the authority to impose progressively higher penalties if you miss the deadline, starting with a £100 fine from the first day your return is overdue.
The current penalties for submitting your self-assessment tax return after the due date are as outlined below:
These penalties are cumulative. Consequently, the minimum penalty for a tax return delayed by 12 months or more can surpass £1,600, contingent on the tax liability.
The good news is that you can file your tax return online until 31 January 2024 for the 2022-2023 financial year, although you’ll need a Government Gateway account.
You can register online for a Government Gateway account. You can read the step-by-step process to do that here.