If you’re a self-employed individual, receive an income through Vinted and other online sites or are a small business owner in the UK, you will need to fill in a self-assessment tax return by 31st January 2024.
If this applies to you, make sure you file your 2022/23 tax return online and pay any tax you owe by 31 January 2024 to avoid penalties and interest.
Self-Assessment Dates 2022/23:
6th April 2022 – 5th April 2023
In the UK we see the tax year running from 6th April to 5th April the following year.
31st January 2024
When you submit your return you will need to pay any outstanding tax from 2022/2023 by 31st January 2024.
We recommend not leaving it until the deadline as often there are so many people doing this at the last minute, there are IT issues with the platform.
Payments on account
The amount you pay is determined from your earnings in the previous year. If you made some payments on account the previous year these will be taken into account when you get the payment page.
For some reason these don’t show on the final summary page which always makes us question ourselves! They do appear though when you click through to make a payment and they will have been deducted from the amount which you need to pay.
Rather annoyingly if you earn over £1,000 from self-employment in a tax year, you will also be asked to pay the first instalment of any payments on account for the following year which is 2023-2024. This also has to be paid by 31st January 2024 to avoid any penalties.
31st July 2024 – Second Payment on Account Due
In July 2024 you will be asked to make a second payment on account, the deadline for this is before end of day on 31st July.
While it’s easy to put off your tax return and try and avoid the process of dealing with it, you will have a greater peace of mind if you keep on top of this process on a regular basis.
It is possible to create and submit your own tax return but as your business grows you may want to engage an accountant. The world of taxes, self employement and HMRC is always changing and it can be stressful keeping up with it.
We would recommend having extra help as you scale and to take one job away will also keep your eye on the most important thing, your income.
