Year End Tax Review 2023/2024 – Blog 2 – Self-assessment key dates

Failure to notify chargeability to tax, to file your self-assessment tax return or pay any tax due on time may result in penalties. Key dates to be aware of over the next year are outlined below. Note how penalties increase with the lateness of the return.

31 January 2024

• Filing deadline for 2022/2023 electronic returns and certain claims and elections.
• A £100 penalty will arise if your return was not filed by 31 January 2024, regardless of whether any tax is due unless HMRC did not issue the notice to file a return by 31 October 2023
• A £100 penalty per partner applies for a late partnership return.

Paper returns for 2022/2023 not filed by this date will be three months late and may attract a daily penalty of £10 a day for up to 90 days thereafter.

The balance of your 2022/2023 tax liability, together with the first payment on account for 2023/24, was due.

2 March 2024

The first automatic 5% late payment penalty will apply to any outstanding 2022/2023 tax.

5 April 2024

The four-year time limit for certain claims and elections in respect of the 2019/20 tax year expires.

30 April 2024

• Paper returns for 2022/2023 not received by this date will now be six months late, so a further penalty may be charged of 5% of any tax due, or £300 if greater.
• Online tax returns for 2022/2023 not filed by this date will be three months late and exposed to daily penalties of £10 a day for up to 90 days, to a maximum total of £900.

31 July 2024

• Due date for the second payment on account for 2023/2024.
• Electronic returns for 2022/2023 not filed by this date will now be six months late and a further penalty may be charged of 5% of the tax due, or £300 if greater.

1 August 2024

The second automatic 5% late payment penalty will apply to any outstanding 2022/2023 tax.

5 October 2024

Deadline to notify HM Revenue & Customs (HMRC) of your chargeability to tax if you have not been issued with a return (or a notice to file a return) and you have an income tax or Capital Gains tax liability for 2023/2024.

31 October 2024

Deadline for submitting 2023/2024 paper returns.

For paper returns filed by this date, HMRC should be able to:

• Calculate your tax for you;
• Tell you what you owe by 31 January 2024; and
• Collect tax through your tax code, where you owe less than £3,000.

If your paper return is submitted after this date, you will be charged an automatic £100 penalty.

Paper returns for 2022/2023 not submitted by this date will now be 12 months late and subject to a further penalty of 5% of the tax due, or £300 if greater.

30 December 2024

Deadline for online filing for 2023/2024 if you want HMRC to collect tax through your tax code (where you owe less than £3,000).

31 January 2025

Filing deadline for 2023/24 electronic returns. Payment date for balancing tax payment in respect of 2023/2024 and first payment on account for 2024/2025.

1 February 2025

The third automatic 5% late payment penalty will apply to any outstanding 2022/2023 tax.

Time-To-Pay arrangement (TTP)

If you are struggling to pay your tax on time, you should be able to set up a TTP before the tax falls due. This will allow you to pay the tax by instalments and avoid penalties.

Please contact us if you need to set up a TTP – we can help!

The information in this blog provides only an overview of HMRC guidance and legislation in force at the date of publication and no action should be taken without consulting the detailed HMRC guidance and legislation or seeking professional advice.  Therefore no responsibility for loss occasioned by any person acting or refraining from action as a result of the material contained in this blog can be accepted by the firm.