The deadline for submitting your tax return is quickly approaching, so here’s everything you need to know about submitting your self assessment in 2024.
Who Needs to Submit a Self Assessment Tax Return?
Anyone who was self-employed as a sole trader earning more than £1,000 (before taking off any tax relief), or a partner in a business partnership in the last tax year (6th April 2023 – 5th April 2024) must submit a self assessment tax return.
You won’t usually need to send a tax return if your only income comes from your wages or pension, however, you may be required to send one if you have any other untaxed income such as:
- Over £2,500 from renting out a property (you’ll need to contact HMRC if it’s between £1,000 and £2,500)
- Over £2,500 in tips and commissions
- More than £10,000 in income from savings, investments and dividends before tax
- Foreign income that you need to pay tax on
When is the Deadline for Submitting Your Tax Return 2022?
The official deadline for submitting your tax return for the 2023/24 financial year is 31 January 2024.
What Happens If I Miss the Deadline?
If you submit your tax return any later than 31 January, you will receive a late filing penalty of £100. If you still haven’t submitted it 3 months later, you will be asked to pay even more, so it’s always best to get it in on time.
How Do I Fill in My Self Assessment Tax Return?
Submitting your tax return can seem rather complex and daunting, however, if you’re well-organised and understand what exactly it is you need to submit, it can be straightforward and you can avoid having to pay any penalties.
Register for Self Assessment
If you have never submitted a tax return before, or if you have submitted one before but didn’t last year, you will need to first register for self assessment before sending your tax return.
Here are the links to register if you are:
Set Up Your Government Gateway Account
Once you have registered, you will receive a Unique Taxpayer Reference (UTR). To submit your Self Assessment form online, you will need to set up a Government Gateway account.
To do this, follow the steps on the letter containing your UTR. When the account has been set up, you will be sent an activation code which will allow you to complete the set-up of your Gateway account.
If you have submitted a Self Assessment tax returns before, you can use your old UTR to register and set up the account.
What Information Do I Need to Fill in My Tax Return?
Ensuring you have all the necessary information is the first step in filling out your tax return, so before you begin, make sure you have the following:
- Your 10 digit Unique Taxpayer Reference (UTR)
- Your National Insurance (NI) number
- Details of your untaxed income, such as self employment, dividends and interest on shares
- Records of expenses relating to self-employment
- Contributions to charity or pensions that may be eligible for tax relief
- P60 or other records that show how much income you have received that you have already paid tax on
It’s also worth giving the relevant HMRC help sheets a read and take note of the extra sections or supplementary pages that relate to why you’re filling in the Self Assessment tax return.
If you’re submitting your Self Assessment form online, you can find helpful information by clicking the ‘?’ button next to each field.
Get Expert Help with Your Self Assessment
The constant stream of changes to tax legislation means not only that the returns are becoming even more difficult to understand but also that taxpayers risk incurring more penalties through failing to complete their returns on time or correctly.
It is a vicious cycle for those without professional help. Thankfully, you don’t need to be one of them. We can save you a lot of time, worry, and money by handling your self assessment for you and all other personal tax planning.
We will do all the necessary computations, complete your return and even offer advice on how you can minimise your tax liability.
We can act as your agent, dealing directly with HMRC on your behalf and, should you be selected for a self assessment enquiry, act for you at any meetings.
Sound good? Get in touch with our team at Ryans today to discuss how we can help you.