Beat the January rush and file your 2022/23 self-assessment tax return today

The self-assessment tax return filing deadline for the 2022 to 2023 tax year is the 31^st of January 2024, but there are many benefits to filing now and beating the January rush.

Beat the January rush

January is one of the busiest months for HMRC, and on the 31^st of January 2023, 861,085 customers filed online to meet the deadline – some with only a few minutes to spare. Thirty-six thousand seven hundred sixty-seven customers filed in the last hour before the deadline, and the busiest hour for filing on the day was 16:00 to 16:59, when 68,462 customers submitted their tax returns, according to a report published by HMRC.

There are many benefits to beating the January rush and filing your self-assessment tax return today:

• Find out what you owe for the 2022 to 2023 tax year as soon as you file.
• The sooner you file, the sooner you can create a financial plan.
• You can set up a budget payment plan to spread the cost of your tax bill and pay your tax in weekly or monthly instalments.
• Once you have filed your tax return, you can check if you are due a tax refund via HMRC’s app.
• There is lots of information and guidance online to help you file your tax return and get help if you cannot pay your tax bill in full by the 31^st January 2024 deadline.

Avoid late filing penalties

You may face a penalty if you miss the 31^st January filing deadline. The penalties for filing a tax return late are:

• An initial £100 fixed penalty applies even if there is no tax to pay or the tax due is paid on time.
• After three months, additional daily penalties of £10 per day, up to a maximum of £900.
• After six months, a further penalty of 5% of the tax due or £300, whichever is greater.
• After 12 months, another 5% or £300 charge, whichever is greater.

There are also additional penalties for paying late of 5% of the tax unpaid at 30 days, six months and 12 months.

Are you required to submit a self-assessment tax return?

You must complete and submit a self-assessment tax return for the tax year from the 6^th of April 2022 to the 5th of April 2023 if you fall into one of the below categories:

• You are self-employed or a sole trader
• You are a higher-rate taxpayer
• You are the Director of a limited company and get paid via dividends
• You receive foreign income even if you don’t usually live in the UK
• You receive rent or income from property in the UK
• You have your own pension fund or certain savings/investments
• You receive any form of untaxed income, capital gains or losses
• You receive other untaxed income specified by HMRC

If you are still unsure whether you need to submit a tax return, please call our expert team on 01707 871622 or complete the short form on our website.

Further help and support for Self-Assessment

There is plenty of help and support available online for anyone who needs to complete and file a self-assessment tax return, for example:

• There is a new online tool for customers to check whether they need to complete a self-assessment tax return.
• You can access webinars and videos to help you complete your self-assessment.
• HMRC’s digital assistant can be used to find information about self-assessment. If they cannot help, you can chat live with an HMRC webchat adviser.
• HMRC has listed their top tips for filing tax returns on GOV.UK.

Appoint Churchill Knight to complete your Self-Assessment Tax Return

With just over six weeks to go until you need to submit your self-assessment tax return, why not save yourself time and stress and appoint Churchill Knight to complete and file your 2022/23 tax return?

When appointing Churchill Knight to complete your tax return, you’ll benefit from:

• Completion and submission of your tax return by our accountants.
• Upon receiving all the information required to complete your return, we will complete and submit it accurately, lawfully, and on time.
• We can advise you on ways you can legally reduce your tax liability.
• We’ll advise you of your tax liability or if you are due a refund.
• We’ll be on hand to answer your questions, and you’ll receive continuous help and support from our team.

To learn more about our Personal Tax Return service or to appoint our team to complete your tax return, please call us at 01707 871622 or complete the short form on our website.