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

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

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

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

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

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

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

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.

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