Tax Return Deadlines
What You Need to Know
It's crucial to stay on top of your tax deadlines to avoid penalties and unnecessary stress. HM Revenue and Customs (HMRC) has clear guidelines for when you need to submit your tax return and pay what you owe. Here’s everything you need to know about the key tax deadlines for the 2023/24 tax year.
The Last Tax Year: 6 April 2023 – 5 April 2024
The 2023/24 tax year ran from 6 April 2023 to 5 April 2024. If you earned income during this period that wasn't taxed through PAYE, you’ll need to submit a Self Assessment tax return.
Key Deadlines
1. Deadline for Telling HMRC You Need to Complete a Tax Return
If this is your first time completing a Self Assessment, you need to let HMRC know by 5 October 2024. You can do this by registering for Self Assessment.
2. Deadline for Submitting a Paper Return
If you prefer to do your tax return on paper, you must submit it by midnight on 31 October 2024. Keep in mind that paper returns take longer for HMRC to process, so it’s often quicker and easier to submit online.
3. Deadline for Submitting an Online Return
For those completing their tax return online, the deadline is midnight on 31 January 2025. This is the most common way to submit, as it gives you more time compared to paper returns.
4. Deadline for Paying the Tax You Owe
The deadline for paying any tax you owe is also midnight on 31 January 2025.
In some cases, if you make advance payments towards your tax bill (known as ‘payments on account’), there will be a second payment deadline on 31 July 2025.
Failing to meet any of these deadlines could result in penalties, but you can appeal if you have a reasonable excuse.
What If You Don’t Know Your Profit for the Whole Tax Year?
Sometimes, you may not know your profit for the entire tax year by the deadline. For example, your accounting period may end at a different time to the tax year, or you may be waiting for a valuation. In these situations, you should submit provisional figures and update HMRC later when you have the final numbers.
You’ll need to:
Inform HMRC that you're using provisional figures.
Make changes to your return within 12 months of the Self Assessment deadline, once you have the final figures.
If you underpaid tax based on provisional figures, you’ll have to pay interest on the outstanding amount from the original payment date. If you overpaid, HMRC will pay you interest on the difference.
Special Deadlines
Some circumstances require a different deadline:
30 December 2024: If you want HMRC to collect the tax you owe from your wages or pension automatically, you must submit your online return by this date.
31 January 2025: For trustees of registered pension schemes or non-resident companies, HMRC must receive a paper return by this date.
Additionally, if HMRC was late in sending out your return, they may give you a different deadline via email or letter.
Partnership Returns with a Company Partner
If your partnership includes a limited company and has an accounting date between 1 February and 5 April, the deadlines are:
Online returns: 12 months from the accounting date.
Paper returns: 9 months from the accounting date.
Stay Ahead of Your Tax Deadlines
Missing a tax deadline can lead to penalties and additional interest on payments, so it’s vital to stay organised and plan ahead. At Lloyds Accountancy, we can help you meet all of your tax obligations on time, whether it's registering for Self Assessment, filing your return, or making sure you pay the correct amount.
Need help with your tax return? Contact Lloyds Accountancy today!
