When are UK Tax Returns Due 2024?

At 10 Chartered Accountants, we understand the importance of staying on top of your tax obligations. As a leading Northampton-based accountancy firm, we're here to guide you through the complexities of UK tax returns for 2024. In this comprehensive guide, we'll cover everything you need to know about when UK tax returns are due in 2024, key deadlines, and essential information to help you navigate the self-assessment process smoothly.

When are UK Tax Returns Due 2024?

The UK tax year runs from 6 April to 5 April of the following year. For the 2023-24 tax year, which ends on 5 April 2024, there are several important dates and deadlines to keep in mind:

5 October 2024: Registration Deadline

If you're new to self-assessment or have untaxed income to report, you must register for self-assessment by 5 October 2024. This ensures you'll receive your Unique Taxpayer Reference (UTR) and activation code in time to file your tax return.

31 October 2024: Paper Tax Return Deadline

For those who prefer to file their self assessment tax returns in paper format, the deadline is 31 October 2024. However, we strongly recommend filing online, as it offers more flexibility and a later deadline.

31 January 2025: Online Tax Return Deadline

This is the most important date to remember. The deadline for filing your online self-assessment tax return for the 2023-24 tax year is 31 January 2025. This is also the deadline for paying any tax you owe.

Key Dates for Self-Assessment Tax Returns

Self Assessment

Let's break down the tax season timeline in more detail:

6 April 2024: Start of the New Tax Year

The 2024-25 tax year begins. Any new tax rates and allowances announced in the Spring Budget will come into effect.

31 July 2024: Second Payment on Account Due

If you're self-employed or have significant untaxed income, you may need to make payments on account. The second payment for the 2023-24 tax year is due by this date.

5 October 2024: Registration Deadline

As mentioned earlier, this is the deadline to register for self-assessment if you're new to the system or have new sources of untaxed income.

31 October 2024: Paper Tax Return Deadline

If you're submitting your tax return on paper, it must reach HMRC by this date.

30 December 2024: Deadline for PAYE Tax Code Adjustment

If you owe less than £3,000 in tax and want HMRC to collect it through your PAYE tax code, you need to submit your online tax return by this date.

31 January 2025: Online Tax Return Deadline and Payment Due Date

This is the final deadline for submitting your online self-assessment tax return and paying any tax you owe. It's also the due date for your first payment on account for the 2024-25 tax year, if applicable.

Understanding Self-Assessment Tax Returns

Tax Returns

Self-assessment is the system used by HMRC to collect income tax from individuals who don't pay all their taxes through PAYE. You'll need to file a self-assessment tax return if:

- You're self-employed or a partner in a business

- You're a company director

- You have income from rental property

- You have foreign income

- You have income from savings, investments, or dividends above certain thresholds

- Your annual income exceeds £100,000

Filing Your Tax Return Online

Tax Return Online

At 10 Chartered Accountants, we strongly recommend filing your tax return online. Here's why:

1. Later deadline (31 January vs 31 October for paper returns)

2. Automatic calculations, reducing the risk of errors

3. Immediate confirmation that HMRC has received your return

4. Option to save your progress and complete the return in stages

5. Faster processing of any tax refunds

To file your tax return online, you'll need to:

1. Register for self-assessment (if you haven't already)

2. Activate your account using the UTR and activation code sent by HMRC

3. Gather all necessary documents and information

4. Complete and submit your return before the 31 January deadline

Paying Your Tax Bill

Tax Bill

Your tax bill may include:

- Any tax you owe for the previous tax year (known as a balancing payment)

- Your first payment on account for the next tax year

The payment deadline is the same as the online filing deadline: 31 January. You can pay your tax bill through various methods, including:

- Online or telephone banking

- CHAPS

- Debit or corporate credit card online

- At your bank or building society

- By cheque through the post

Remember, if you owe tax and don't pay by the deadline, you'll be charged interest on the outstanding amount.

National Insurance Contributions

National Insurance Contributions

Don't forget that your self-assessment tax return also covers your National Insurance contributions if you're self-employed. Class 2 and Class 4 NICs are calculated based on your profits and are payable alongside your income tax.

Late Filing and Penalties

Late Filling and Penalties

Filing your tax return late or paying your tax bill after the deadline can result in penalties:

- 1 day late: £100 fixed penalty

- 3 months late: £10 per day up to a maximum of £900

- 6 months late: Additional £300 or 5% of the tax due (whichever is higher)

- 12 months late: Another £300 or 5% of the tax due

Additionally, interest will be charged on late payments, so it's crucial to meet the deadlines.

Making Tax Digital

Making Tax Digital

It's worth noting that HMRC is gradually implementing Making Tax Digital (MTD) for Income Tax. While this won't affect the 2023-24 tax year, self-employed individuals and landlords with annual business or property income above £10,000 will need to follow MTD rules for their first full tax year starting on or after 6 April 2026.

How 10 Chartered Accountants Can Help?

Navigating the complexities of self-assessment can be challenging. At 10 Chartered Accountants, we offer comprehensive services to help you:

1. Determine if you need to file a tax return

2. Register for self-assessment

3. Gather and organise the necessary documents

4. Complete and file your tax return accurately and on time

5. Calculate your tax liability and National Insurance contributions

6. Plan for payments on account

7. Identify potential tax savings and allowances

8. Handle any communications with HMRC on your behalf

Our team of expert accountants stays up-to-date with the latest tax legislation and HMRC guidelines to ensure you're always compliant and optimising your tax position.

Conclusion

Understanding when UK tax returns are due in 2024 is crucial for managing your finances and avoiding penalties. The key dates to remember are 31 October 2024 for paper returns and 31 January 2025 for online submissions and tax payments. By staying organised, gathering your documents early, and filing your self-assessment tax return well before the deadline, you can ensure a smooth tax season.

At 10 Chartered Accountants, we're here to support you throughout the entire process. Whether you need assistance with your self-assessment tax return, have questions about your tax code, or want to optimise your tax planning, our team of experienced Northampton-based accountants is ready to help. Don't let the stress of tax season overwhelm you – contact us today to ensure you're prepared for the 2024 tax return deadlines and beyond.

Frequently Asked Questions

  • Q: When is the deadline for online self-assessment tax returns in 2024?

    A: The deadline for online self-assessment tax returns for the 2023-24 tax year is 31 January 2025.


  • Q: Do I need to file a self-assessment tax return if I'm employed and pay tax through PAYE?

    A: Not necessarily. You typically only need to file if you have additional untaxed income, are self-employed, or your annual income exceeds £100,000.


  • Q: What happens if I miss the tax return deadline?

    A: You'll face an immediate £100 fine, with additional penalties accruing the longer you delay filing.


  • Q: Can I claim a tax refund through self-assessment?

    A: Yes, if you've overpaid tax, you can claim it back through your self-assessment tax return.


  • Q: How long does it take to get a tax refund after filing my return?

    A: HMRC aims to process online tax refunds within 5 working days, but it can take up to 8 weeks for paper returns.


  • Q: What is a payment on account, and when is it due?

    A: A payment on account is an advance payment towards your next year's tax bill. The first payment is due by 31 January, and the second by 31 July. Each payment is usually 50% of your previous year's tax bill.

  • Q: Can I file my tax return early?

    A: Yes, you can file your tax return as early as the day after the current tax year ends (6 April). Filing early doesn't mean you have to pay your tax bill earlier, but it can help you plan your finances better.

Sequencing short-term finance effectively is vital for avoiding the interest trap

By Charlie Flockhart • September 9, 2026
For many businesses, short-term finance can provide an essential lifeline when cash flow becomes tight. Whether a business needs support covering a gap between paying suppliers and receiving customer payments, or managing seasonal demand, the right type of finance can keep a business moving during uncertain times. However, using short-term borrowing without a clear strategy can quickly become a slippery slope of missed payments and further injections of cash. Choosing the right type of finance for your business? Not all types of short-term finance are designed for the same purpose, so businesses need to choose the option that best matches their needs. An overdraft can provide a flexible cash buffer for day-to-day cash flow pressures, with interest usually charged only on the amount borrowed. Invoice finance can help unlock cash tied up in unpaid business invoices, while a short-term loan may be more suitable for funding a specific purchase or project. Problems can arise when businesses use one type of finance to solve an issue it was not intended to address. A short-term cash flow gap can turn into a long-term borrowing habit, causing interest costs and fees to build up over time and reduce profitability. How to avoid the interest trap? While short-term finance can be a valuable tool, it is important to understand the full cost of borrowing. Some forms of finance, such as certain credit cards, bridging loans and revolving credit facilities, can have higher interest rates and shorter repayment terms. Although these products can be useful in the right circumstances, they can place additional strain on businesses with unpredictable cash flow. Understanding the total cost of borrowing can help avoid unnecessary expense and ensure the finance remains affordable. Matching the right type of finance to the right business need can help businesses manage cash flow more effectively and avoid falling into an expensive cycle of debt. How can we help? Before you fall down the slippery slope of short-term finance, get in touch with an accountant. We understand that short-term finance can sometimes feel like the only option. Our team can help assess your cash flow needs, review your funding options and support you in choosing a solution that helps your business grow while keeping borrowing costs under control. For support with short-term finance options, get in touch with our team.

Inflation increases to a four-month high – How will businesses be impacted?

By Charlie Flockhart • September 9, 2026
The rate of inflation has hit 2.9 per cent in July 2026, up from 2.6 per cent in June, according to the latest data that has been published by the Office for National Statistics (ONS). This is the first rise in the national rate of inflation since March 2026, with the increase in the energy price cap being partly to blame. Businesses need to understand how this hike will affect them and what they must do to mitigate the issues. How is inflation affecting businesses? Higher inflation can increase the cost of running a business. Energy-intensive businesses and manufacturers are likely to feel the greatest impact, as rising energy prices can lead to higher production, transport and operating costs. Many businesses are already dealing with tight profit margins and may find it difficult to absorb these additional costs. Passing increased costs on to customers is not always straightforward, as consumers remain cautious about spending and may look for cheaper alternatives if prices rise too much. Inflation can also affect employment costs. Employees may expect higher pay to help maintain their spending power, creating additional pressure on business finances. With employment costs already rising, some organisations may take a more cautious approach to recruitment or delay planned investments. What should businesses do to mitigate the impact of inflation? With inflation remaining uncertain, businesses should review their budgets regularly and keep a close eye on cash flow. Understanding where costs are rising most quickly can help businesses identify areas where savings or efficiencies can be made. Businesses should also assess their pricing strategies to ensure they remain competitive while protecting profitability. Investing in technology, improving efficiency and carefully managing expenditure may help reduce the impact of rising costs. Strong financial planning and regular monitoring of business performance can help organisations remain resilient if inflation continues in the months ahead. How can we help? While the rate of inflation increasing to 2.9 per cent may not seem like a huge change, businesses must consider the impact that it will have on wider spending. Our team can help you manage your cash flow by completing financial forecasting to ensure that your business stays resilient should inflation rates increase further. For support with cash flow, get in touch with our team.

Gifting out of income – The overlooked way to reduce Inheritance Tax

By Charlie Flockhart • September 9, 2026
For many people, giving financial support to family members is an important part of their financial planning. Whether it is helping children with pension contributions or providing ongoing assistance, gifting can play an important role in Inheritance Tax (IHT) planning. The normal expenditure out of income exemption under Section 21 of the Inheritance Tax Act 1984 allows for gifts to be made without being chargeable for IHT purposes, if specific conditions are met. What are the requirements? Under Section 21, gifts can be exempt from IHT if they are part of a person's normal spending habits, are paid from their income and leave them with enough income to maintain their usual standard of living. This exemption only applies to gifts made from surplus net income, not from capital or savings. For example, withdrawals from an investment bond or the capital part of a purchased life annuity payment would not qualify. The donor must also be able to cover their normal living costs from their remaining income and cannot give away income and then use capital to make up any shortfall. Why is record-keeping important? As the exemption is usually claimed after death, it is important to keep clear records of any gifts made under the normal expenditure out of income rules. HMRC form IHT403 includes a schedule that can be used to record these gifts as they are made and can help support a future claim. To work out whether gifts need to be reported, the donor must add together any gifts made under this exemption and any chargeable lifetime transfers made during the previous seven years. If the total is more than the available nil rate band, all gifts must be reported to HMRC using form IHT100. HMRC will then review whether the exemption applies and confirm its decision in writing. If the total remains within the nil rate band, the exemption is usually reviewed only after the donor's death, when the executors can claim the exemption using forms IHT400 and IHT403. How can we help? Planning for IHT helps to safeguard your family's future, as utilising vital allowances enables you to minimise your IHT contributions. Our team of accountants can support you with gifting out of income so that you can provide for your family's future. Get in touch with our team for support with Inheritance Tax planning.