This discussion is based on the tax return deadline. The process of paying taxes and fulfilling all the demands related to it can turn out to be daunting at times. This guide will help you to gather everything that you need to know in this regard. Let us get started.
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When is the Tax Return Deadline?
The UK tax return deadline for self-employed individuals for 2024 is 31 January 2025. The deadline for filing the return is 12 months after the end of the tax year, which is 5 April 2023. It is important to note that there may be extenuating circumstances or additional rules in certain cases. For example, the self-employment tax return deadline can be earlier if you are operating through a company or other entity. It is essential to check the exact deadline and process for your specific situation as per the HMRC guidelines.
If you are filing the self-assessment tax return late or cannot meet the deadline, it is important to contact HMRC as soon as possible. They may allow you to submit a Late Tax Return or may give other advice, depending on your tax circumstances. However, it is critical to note that filing the return late can result in fines or other penalties. Therefore, make sure to take action promptly and don’t miss the deadline.
Who Must Send a Tax Return Before this Deadline?
Most self-employed individuals must send a tax return in the following circumstances:
1. You’ve been self-employed in the previous tax year (usually the calendar year).
2. The tax year under assessment is the most recent one (usually the previous calendar year).
3. You’ve been earning taxable income above the allowance threshold for the period or the entire year.
If you satisfy these circumstances, you are required to submit a self-assessment tax return. It is crucial to take note of this obligation and comply with it promptly to avoid fines and penalties from HMRC.
4. You have taxable income from self-employment regardless of the threshold (if you have taxable income below the threshold of your tax bracket, any tax relief or tax deductions may decrease your income under assessment).
5. You have not already submitted your self-assessment tax return during the tax year. You must submit this one within 12 months of the end of the tax year. If you’ve already submitted, but some changes have occurred since then, it’s recommended to submit an amended tax return.
Registering and Sending a Return
Registering and sending a self-assessment tax return in the UK is a simple process.
1. To register, you can either contact HMRC directly or register online through their dedicated Self-Employed Services. Make sure to have your National Insurance number ready since this would be one of the details required at the time of registration.
2. After registering, you can either submit the tax return online or via a paper form. There are detailed instructions on how to proceed that you can follow at every step. You can log into your online account to track and manage your return at any point.
3. You can also hire a representative, such as an accountant or other tax professional, to assist with registering and returning.
What if you are no Longer Required to Send a Tax Return?
If you no longer need to send a tax return in this regard, there are two key things you should do to make sure you are not penalized for non-compliance:
1. Notify HMRC that you are no longer self-employed. They will adjust your tax status accordingly. You can contact them via their online services, their Self-Employed Helpline, or via a representative.
2. Submit all remaining tax returns that you have not yet submitted for any previous tax years. This will ensure that there are no outstanding tax obligations and penalties.
3. Confirm that you have no outstanding tax liabilities or unpaid taxes. Once you provide any remaining tax returns, make sure to follow up with HMRC and ensure that you are not subject to any fines for non-compliance. If you have any outstanding tax dues, they should be paid immediately to avoid additional fines and penalties.
What in Case you Require to Change your Return?
If you need to change your returns, you should follow the following steps:
1. Log in to your HMRC Online Account and click on Self-Employed Services.
2. Navigate to the Self-Employed Returns page and click on Change Your Returns.
3. Choose the correct income tax year and review the returns for any errors or missing information.
4. Click on Enter Changes to update the information and submit the revised return.
5. If the changes are significant and require major revisions to your tax return, you may have to provide additional supporting documents or evidence to prove the changes are genuine.
6. Make sure to keep a copy of the updated return for your records in case of a future audit.
What will Happen to the Returns for Someone who has Died?
If the person who has died was self-employed and had a tax return that needs to be updated, the people responsible for managing the estate should follow the following steps:
1. Contact the HMRC Self-Employed Helpline to confirm that a Self-Employed Final Submission is required for any outstanding tax returns.
2. Review and confirm the details related to income, expenses, and tax liability for the deceased self-employed individual.
3. Submit the completed form to HMRC following their guidelines.
4. Once the tax form and any other required documentation have been processed, HMRC will confirm that the tax return has been completed and no further action is required from the estate.
The Bottom Line
To conclude the discussion about when is the tax return deadline, we can say that the tax return deadline for self in the UK is 31 January 2025. The deadline for filing the return is 12 months after the end of the tax year.
If you are filing a tax return after the deadline, it is important to be mindful of any potential penalties and fines from HMRC. You should also ensure that you have all the correct information before proceeding with your return to avoid any errors or discrepancies. It is also worth noting that there may be extenuating circumstances or additional rules in certain cases.
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Disclaimer: The information provided on AccountingFirms.co.uk is for informational purposes only and should not be considered as financial advice. Always consult with a professional accountant to ensure compliance with UK laws and regulations.