Stay Ahead of the Game: Important Deadlines for UK Taxpayers

Important Deadlines for UK Taxpayers: A Guide to HMRC's Self Assessment Process


Jashaun Barnett

6/9/20232 min read

selective focus photography of rolled 5 banknote
selective focus photography of rolled 5 banknote

As a UK taxpayer, it's essential to stay on top of the deadlines set by HM Revenue and Customs (HMRC) to file your tax returns and pay any tax owed. Failure to do so can result in penalties, which can add up quickly, making it essential to keep track of these important dates.

The Self Assessment process is the system that HMRC uses to collect income tax from self-employed individuals, sole traders, and those who are not taxed at source. This process requires you to report your income and expenses to HMRC and pay any tax owed.

Here are the important deadlines that you need to be aware of for the 2022-2023 tax year:

  • Register for Self Assessment - 5 October 2023 If you're self-employed or a sole trader, not self-employed, or registering a partner or partnership, you need to register for Self Assessment by 5 October 2023.

  • Paper tax returns - Midnight 31 October 2023 If you choose to file a paper tax return, you must do so by midnight on 31 October 2023.

  • Online tax returns - Midnight 31 January 2024 If you're filing your tax return online, you have until midnight on 31 January 2024, to submit it.

  • Pay the tax you owe - Midnight 31 January 2024 You must also pay the tax you owe by midnight on 31 January 2024. If you make advance payments towards your bill (known as 'payments on account'), you will have a second payment deadline of 31 July.

It's worth noting that if you miss any of these deadlines, you will likely be subject to a penalty. If you have a reasonable excuse, you can appeal against the penalty.

If you want HMRC to automatically collect tax you owe from your wages or pension, you need to submit your online return by 30 December. You can find out if you are eligible to pay this way on the HMRC website.

If you're a trustee of a registered pension scheme or a non-resident company, you must submit a paper tax return by 31 January. You cannot send a return online.

It's also worth noting that HMRC might email or write to you, giving you a different deadline.

If your partnership's accounting date is between 1 February and 5 April, and one of your partners is a limited company, the deadline for online returns is 12 months from the accounting date. The deadline for paper returns is 9 months from the accounting date.

If you missed the Self Assessment deadline for the 2021-2022 tax year and earlier, you should still submit your tax return or payment as soon as possible. You will have to pay a penalty.

In summary, keeping track of HMRC's Self Assessment deadlines is essential to ensure that you file your tax returns and pay any tax owed on time. Missing these deadlines can result in penalties, so it's crucial to stay on top of them.