Self assessment tax 2022-23
Posted on 29th September 2023 at 11:56
It's time to get your self assessment tax return done for 2022-23
If you have received income between 6th April 2022 - 5th April 2023 that hasn't been taxed at source e.g. via a PAYE scheme, you'll need to declare it on your self assessment tax return.
What is the deadline?
The deadline for submitting your 2022-23 tax return, and paying the tax due, is 31st January 2024 but why leave it that late? The sooner you get your tax return done the sooner you know how much tax you owe. You can then choose whether to pay it straight away or set aside the funds between now and January so you can pay it before the deadline.
What if I can't pay the tax due?
If you have tax to pay but can't afford to pay it you should make sure you contact HMRC to explain the position and ask them for a payment plan. You can call the self assessment telephone line but if you owe less than £30,000 you should be able to set up a payment plan online. You can access the portal by logging into your Personal Tax account. If you don't have a Personal Tax account set up it's a good idea to do so, as it gives you information about your personal tax position, your state pension/NI contributions and other benefits you might receive. You might need this information from time to time anyway.
What do I need to declare?
You need to declare any income that you receive which isn't already taxed by HMRC. Typically this includes:
rental income including income from AirBnB's
self employment income
capital gains or losses on the sale of assets (including property, shares, sale of business income)
high income child benefit charge
If you're not sure whether you have to declare something let us know what it is and we can check for you.
Don't forget to tell us if you've made personal pension payments or gift aid payments as these will potentially allow us to claim some tax relief for you.
Get in touch
Send us your information as soon as you're ready and we will prepare your return and tell you how much tax you have to pay. If you need to chat to us about your income or you aren't sure what to declare give us a call on 01937 584188 or email the team and we will happily chat it through with you.
Getting ahead will not only give clarity on what you owe but also avoid costly penalties for late filing!
#tax #selfassessment #hmrc
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