Who Needs to Submit a self-assessment tax return?
You need to submit a tax return to HMRC if any of the following situations apply in the
2023/24 tax year, the 6th of April 2023 - the 5th of April 2024.
- You were self-employed as a sole trader and earned more than £1,000 (before taking off any tax reliefs.)
- You were a partner in a business partnership
- You earned £100,000 or more
Another reason why you may need to complete a self-assessment tax return is;
- Money from renting a property.
- Tips/commission
- Income from savings, investments, or dividends
- Foreign income.
What are the deadlines for Self-Assessment Tax Returns for the 2023/24 Tax Year?
If you’re planning on submitting your self-assessment tax return to HMRC via paper format, then the deadline to do this is the
31st of October, 2023. If you send your self-assessment tax return after this date, you will incur a penalty even if you have no tax to pay.
To complete your self-assessment tax return by paper, you will need to go onto the HMRC website and download the Self-assessment 100 form (
SA100); as well as completing the standard self-assessment form, you may need to complete an extra section known as a Supplementary page.
These supplementary pages are for the specific type of income you’re trying to report. For example, if you wanted to report on your Self-employment and UK property income from a property, you rent. You would need to fill in
Supplementary pages SA103S/SA103F and SA105.
There is a slightly different process if you want to submit your self-assessment tax return online. Submitting your self-assessment
Tax Return online comes with some advantages. By using HMRC’s online service, you’re able to:
- View returns you’ve submitted before;
- Check your details; and
- Print your tax calculation.
You're not obligated to complete your self-assessment tax return in one go. You can always save it and come back to it.
How To Register for Self-Assessment Online
To register to file your self-assessment tax return online, you must create an account with the
government gateway. You will also need your
unique Taxpayer Reference number (UTR) to complete this self-assessment.
As well as the convenience of submitting your self-assessment online, the other key benefit to using this method is that if you complete the Self-assessment tax return online, you have until the
31st of January 2024, however although you still currently have a long time to submit your self-assessment tax return its important that you give this consideration as soon as possible.
There are special rules to follow if you have submitted a Self-Assessment return and subsequently realise you need to change it. For more information read our blog
here on amending your self-assessment tax return.
If you need help with your self-assessment tax return, speak to someone from our specialist
tax team.
Contact us today for more help and guidance on reporting your tax correctly.