The deadline for submitting paper self-assessment tax returns for the 2023-24 tax year is 31 October 2024. If the return is submitted late, an initial £100 penalty will be imposed, regardless of whether there is a tax liability or if any owed tax is fully paid by 31 January 2025. The penalty increases if the return is submitted more than 3 months late.

The 2023-24 tax year ended on 5 April 2024 and the new 2024-25 tax year started on 6 April 2024. Most taxpayers will be happy to leave dealing with their 2023-24 self-assessment tax returns until later this year or even until January 2025.
 

Self-employed taxpayers should notify HMRC as soon as practicable when they begin working for themselves. HMRC must be officially notified by 5 October following the end of the tax year so that a self-assessment return can be issued on time and to avoid any unnecessary penalties.

One of the many ways payments can be made to HMRC is by using a direct debit. The direct debit can be set up online.

 

One of the many ways payments can be made to HMRC is by using a direct debit. The direct debit can be set up online.

 

Key dates for your tax diary in October 2023.

Key dates for your tax diary in October 2023.

If you are an employee who needs to use their own money to pay for things used as part of your employment, you may be able to claim tax relief. In most cases, you can claim tax relief on the full cost as long as you only use these things for your work. Tax relief is reduced if your employer provides a financial contribution towards employment expenses, and no relief is available if you receive all the money back or you are incurring the cost to purchase alternative equipment to that provided by your employer (e.g. you are provided with a basic laptop but you want a better model).
 

If you are an employee who needs to use their own money to pay for things used as part of your employment, you may be able to claim tax relief. In most cases, you can claim tax relief on the full cost as long as you only use these things for your work. Tax relief is reduced if your employer provides a financial contribution towards employment expenses, and no relief is available if you receive all the money back or you are incurring the cost to purchase alternative equipment to that provided by your employer (e.g. you are provided with a basic laptop but you want a better model).
 

You need to submit a tax return to HMRC if any of the following situations apply in the 2023/24 tax year, the 6th of April 2023 - the 5th of April 2024.
 

You need to submit a tax return to HMRC if any of the following situations apply in the 2023/24 tax year, the 6th of April 2023 - the 5th of April 2024.
 

There are special rules to follow if you have submitted a Self-Assessment return and subsequently realise you need to change it. For example, this can happen if you made a mistake such as entering a number incorrectly or omitted information from the return.

There are special rules to follow if you have submitted a Self-Assessment return and subsequently realise you need to change it. For example, this can happen if you made a mistake such as entering a number incorrectly or omitted information from the return.

A reminder that there are two separate annual £1,000 tax allowances for property and trading income. If you have both types of income highlighted below, then you can claim a £1,000 allowance for each.

HM Revenue and Customs (HMRC) is waiving late filing and late payment penalties for one month giving Self-Assessment taxpayers extra time (if required) to complete their 2020 to 2021 tax return and pay any tax due.