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January Self-assessment deadline looming…

If you’re filing your tax return online for the year 2022-2023, it must be submitted to HMRC by midnight on 31 January 2024.

You’ll also need to pay any tax you owe by this date and any balancing payments from 2022-2023.

As the deadline for submitting the self-assessment return is approaching, here is our list of things which are often forgotten, misreported or miscalculated on the tax self-assessment forms. As always, get in touch with us if you need help.

Register on time
You have to register with HMRC for self-assessment for a particular tax year, so they can issue you with a Unique Taxpayer Reference (UTR) number. Otherwise you can incur late submission penalties.
Complete the return fully and submit
When filing your return online, make sure you press the “submit” button and complete the process. This comes after the calculation of any tax and you’re supposed to get a confirmation email too.
Don’t forget to pay your tax
Filling a return is not enough – you have to pay any tax outstanding by then. If you don’t pay in time you could be fined and charged interest.
Omitting income
All taxable income needs to be declared, including any earnings, pension payments, bank interest and rent.
Forgetting pension contributions
Forgetting pension contributions
Forgetting to declare salary and benefits from PAYE jobs
If you have a full-time job besides being self-employed, you need to let HMRC know so you don’t pay extra tax.
Forgetting about payments on account
HMRC may ask you to pay some of the next year’s bill in advance – this is known as a payment on account, and might come in handy when you discover you have already paid some of your bill the previous year.
Deduct your charitable giving
If you have given money to charity, include it on your return to reduce your tax bill.