According to HMRC, nearly 5.7 million customers still need to file their self-assessment tax return for the tax year ended 5 April 2022. The deadline to complete this is 31 January 2023.
With less than a month to go, Trusha Shah, Tax Manager at accountancy firm HW Fisher, shares her advice for those who have not yet done so.
“The deadline to submit a paper tax return has now passed, which means that those who are still yet to file their self-assessment must do so online – and we recommend that they do this as soon as possible. All too often individuals leave it too late and make simple mistakes in the rush to complete on time.”
Do you need to file a tax return?
You must submit a tax return if you have self-employed earnings or have received untaxed income over £1,000.
However, it’s not just the self-employed who have to complete their self-assessment tax returns. You will also have to file if you have any untaxed income from:
Make sure to avoid these common mistakes
It’s important to make sure that you complete your tax return on time. If not, you’ll face a £100 fine – and this will increase if your return is more than three months late. Particularly if you’re making a payment from overseas, allow extra time as there are sometimes delays with processing. For more information on how to pay, or to set up a payment plan, visit HMRC’s website which has lots of helpful resources.
This list is by no means exhaustive; if you aren’t sure whether you need to complete a tax return, please seek professional advice from one of our team or contact HMRC directly.