The January 31st self-assessment tax return deadline is a crucial date for millions across the UK. Missing this deadline can result in penalties even if no tax is due so it’s worth knowing if it applies to you.
Who Needs to File a Self-Assessment Tax Return?
You may need to file if:
• You’re self-employed or a sole trader.
• You earn more than £1,000 annually from property or rental income.
• You receive untaxed income from investments, dividends, or other sources.
• You earn over £50,000 and claim Child Benefit.
• You sold assets, such as property or shares, subject to Capital Gains Tax.
• You’re a company director with income outside of PAYE.
Why Timelines Matter
HMRC imposes strict penalties for late submissions, starting with a £100 fine, even if you don’t owe any tax. Further delays can lead to daily penalties, interest charges, and increased scrutiny. Filing on time not only helps you avoid unnecessary costs but also ensures peace of mind.
What You Need to Do Right Now
1. Gather Your Records: Ensure all income, expenses, and relevant documentation for the 2023-2024 tax year are in order.
2. Review Your Status: If you’re a Dains client and have outstanding queries, please check your records and prepare any questions in advance. Your advisor will address them as part of the process.
3. Submit Your Return: If you’re handling the filing yourself, log into the HMRC portal and complete your return as soon as possible.
Your Trusted Partner
At Dains, we’re committed to supporting our clients through key financial deadlines. If you need additional help or clarity, please get in touch today.
For more information on self-assessment visit HMRC's website: Self Assessment tax returns: Overview - GOV.UK
