The 2023/24 self-assessment tax return filing deadline is the 31st January 2025, and you need to notify HMRC by the 5^th October if you need to submit a tax return but have not sent one before. Our latest article provides useful information to help you determine if you need to submit a self-assessment tax return.

Do I need to submit a self-assessment tax return?

If you are a limited company director or shareholder in the UK, you must complete a self-assessment tax return. A tax return is a way of reporting your earnings to HMRC and calculating how much tax you must pay.

You must file a self-assessment tax return for the last tax year (6th April to 5th April) if any of the following apply:

• You are a director of a limited company or a shareholder
• You had a total taxable income of £150,000 or more
• You were self-employed as a sole trader and earned more than £1,000 (before making deductions for anything you can claim tax relief on)
• You receive money from renting out a property
• You receive income from savings, investments or dividends
• You had to pay Capital Gains Tax when you sold or ‘disposed of’ something that increased in value
• You receive foreign income
• You had to pay the High Income Child Benefit Charge
• You get commission or tips
• You receive any other untaxed income specified by HMRC

If you are unsure whether you need to file a self-assessment tax return, you can use the government’s online tool to check if you need to send a tax return.

When do I need to submit a self-assessment tax return?

If you need to submit a tax return but have not sent one before, you must notify HMRC by the 5^th October. Otherwise, you could be fined if you do not. You must file your tax return by midnight on 31^st January for the last tax year – 6^th April to 5^th April. For example, the 2023/24 tax return deadline is the 31^st January 2025.

Missing the deadline will land you an instant £100 late penalty and further penalties the longer you wait to file, so don’t delay and file your tax return as soon as possible.

What are the payment deadlines?

The deadlines for paying your tax bill are:

• 31^st January – any tax you owe for the previous tax year (also known as the balancing payment) and your first payment on account
• 31^st July – second payment on account

Please visit the government’s website for more information about payments on account.

Contact us today for a free consultation for a 2023/24 tax return

As a director of a limited company, your time is valuable. The last thing you want is to waste time wondering how to complete and submit your tax return and risk getting it wrong. After all, completing a tax return can be a lengthy and frustrating process.

When you appoint Churchill Knight & Associates Ltd to complete and file your tax return, you’ll benefit from the following:

• We meticulously complete your self-assessment tax return, ensuring every detail is accurate, and the forms are filed on time.
• We calculate your tax liability, providing you with a clear understanding of what you owe, why and when. Alternatively, we will advise if you are due a tax refund.
• We analyse your self-assessment tax return records to identify potential tax savings and opportunities to legally reduce your tax liability.
• We will review your return for any anomalies and will only submit your return to HMRC once you are happy for us to do so.
• You’ll receive continuous help, support and advice from our team.

If you are interested in Churchill Knight & Associates Ltd’s self-assessment tax return service or would like to arrange a free consultation to discuss your circumstances, please call our expert team on 01707 871622. You can also request a call at a time that suits you, and we will contact you to discuss the service.

If you are interested in setting up a limited company, please contact us today for a free consultation to discuss how our accountancy services can help you with your business.