When to submit Your Self Assessment to HMRC
Introduction
If you're self-employed, earn additional income, or have other sources of taxable earnings, submitting a tax return to HMRC is a crucial part of meeting your obligations and managing your finances. But when exactly should you submit your self assessment tax return, and how can you make sure you meet the deadlines without stressing out at the last minute?
Here's a guide to help you stay on top of things and avoid any last minute surprises or unwanted penalties.
Key Deadlines for Submitting Your Tax Return
The UK tax year runs from 6 April to 5 April, and if you need to file a tax return, it’s your responsibility to report any income and pay the necessary taxes to HMRC. There are two main types of tax returns you might need to submit: paper tax returns and online tax returns, each with its own deadline:
Paper tax returns: The deadline is 31 October following the end of the tax year. So, for the 2023/24 tax year (which ends on 5 April 2024), you must submit your paper tax return by 31 October 2024.
Online tax returns: You’ve got a bit more time with online submissions. The deadline is 31 January following the end of the tax year. This means for the 2023/24 tax year, your online return must be in by 31 January 2025.
If you miss these deadlines, you could face late-filing penalties, even if you don’t owe any tax. Therefore, it’s always a good idea to file your return well in advance to avoid any last-minute issues!
When Should You Start Preparing?
The earlier, the better! Even though the deadline for submitting your online tax return might seem a long way off, getting a head start can make the process far less stressful. Once the tax year ends on 5 April, you can begin preparing your return straight away.
Many people choose to wait until after the summer to start thinking about their taxes, but why not get it done sooner? Filing early means you can:
Avoid the January rush: HMRC’s systems are notoriously busy in January, with millions of people scrambling to file their returns. Filing earlier means you can avoid this stress and get on with your life.
Get your refund sooner: If you’re lucky enough to be due a tax refund, submitting early means you’ll get that money back quicker, potentially boosting your cash flow when you need it most.
Spot any errors or missing information: Filing early gives you more time to gather any missing documents or correct any mistakes in your return without the pressure of looming deadlines.
No extra tax is due earlier: It’s a bit of a myth that by filing your tax return early, the tax will be due sooner. This is simply not the case and the amounts due and payment dates will still be the same.
What Happens If You Miss the Deadline?
Missing the deadline will result in penalties, unless there are exceptional circumstances. If you submit your tax return late, even by one day, HMRC will issue an automatic £100 late filing penalty. This increases over time, with additional charges if your return is more than three months late, and so on, so it’s important to get it in on time.
If you think you won’t be able to meet the deadline due to unforeseen circumstances (like illness or personal difficulties), it’s always best to contact HMRC as soon as possible. They may grant extensions in certain cases.
Final Thoughts
While 31 January might seem like a distant date, don’t leave your tax return until the last minute! Get organised early, gather your paperwork, and consider submitting your return as soon as you can after the end of the tax year. It will save you time, stress, and possibly even money.
If you’re unsure whether you need to submit a tax return, or if you need help with the process, don’t hesitate to reach out to us for guidance.