{"id":831,"date":"2023-12-18T21:33:00","date_gmt":"2023-12-18T21:33:00","guid":{"rendered":"https:\/\/gnc-accounting.co.uk\/?p=831"},"modified":"2023-12-19T10:06:18","modified_gmt":"2023-12-19T10:06:18","slug":"self-assessment-deadline-looming","status":"publish","type":"post","link":"https:\/\/gnc-accounting.co.uk\/self-assessment-deadline-looming\/","title":{"rendered":"January Self-assessment deadline looming…"},"content":{"rendered":"\n[et_pb_section fb_built=”1″ _builder_version=”4.16″ global_colors_info=”{}”][et_pb_row _builder_version=”4.16″ background_size=”initial” background_position=”top_left” background_repeat=”repeat” global_colors_info=”{}”][et_pb_column type=”4_4″ _builder_version=”4.16″ custom_padding=”|||” global_colors_info=”{}” custom_padding__hover=”|||”][et_pb_post_title meta=”off” featured_image=”off” text_color=”light” text_background=”on” text_bg_color=”#4b86b4″ _builder_version=”4.16″ title_font=”|600||on|||||” title_text_align=”left” text_orientation=”center” text_shadow_style=”preset1″ global_colors_info=”{}”][\/et_pb_post_title][et_pb_text _builder_version=”4.22.1″ hover_enabled=”0″ global_colors_info=”{}” sticky_enabled=”0″]

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<\/b>. <\/span><\/span><\/p>\n

You’ll also need to pay any tax you owe by this date and any balancing payments from 2022-2023.<\/span><\/span><\/p>\n

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. <\/p>[\/et_pb_text][et_pb_divider color=”#4b86b4″ divider_weight=”2″ _builder_version=”4.16″ saved_tabs=”all” global_colors_info=”{}”][\/et_pb_divider][et_pb_accordion _builder_version=”4.16″ global_colors_info=”{}”][et_pb_accordion_item title=”Register on time ” _builder_version=”3.13″ global_colors_info=”{}” open=”on”]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.\r[\/et_pb_accordion_item][et_pb_accordion_item title=”Complete the return fully and submit ” _builder_version=”3.13″ global_colors_info=”{}” open=”off”]When filing your return online, make sure you press the \u201csubmit\u201d button and complete the process. This comes after the calculation of any tax and you\u2019re supposed to get a confirmation email too.\r[\/et_pb_accordion_item][et_pb_accordion_item title=”Don\u2019t forget to pay your tax” _builder_version=”3.13″ global_colors_info=”{}” open=”off”]Filling a return is not enough – you have to pay any tax outstanding by then. If you don\u2019t pay in time you could be fined and charged interest.\r[\/et_pb_accordion_item][et_pb_accordion_item title=”Omitting income” _builder_version=”3.13″ global_colors_info=”{}” open=”off”]All taxable income needs to be declared, including any earnings, pension payments, bank interest and rent.\r[\/et_pb_accordion_item][et_pb_accordion_item title=”Forgetting pension contributions” _builder_version=”3.13″ global_colors_info=”{}” open=”off”]Forgetting pension contributions<\/strong>\r[\/et_pb_accordion_item][et_pb_accordion_item title=”Forgetting to declare salary and benefits from PAYE jobs” _builder_version=”3.13″ global_colors_info=”{}” open=”off”]If you have a full-time job besides being self-employed, you need to let HMRC know so you don\u2019t pay extra tax.\r[\/et_pb_accordion_item][et_pb_accordion_item title=”Forgetting about payments on account” _builder_version=”3.13″ global_colors_info=”{}” open=”off”]HMRC may ask you to pay some of the next year\u2019s bill in advance \u2013 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.\r[\/et_pb_accordion_item][et_pb_accordion_item title=”Deduct your charitable giving” _builder_version=”3.13″ global_colors_info=”{}” open=”off”]If you have given money to charity, include it on your return to reduce your tax bill.\r[\/et_pb_accordion_item][\/et_pb_accordion][\/et_pb_column][\/et_pb_row][\/et_pb_section]\n","protected":false},"excerpt":{"rendered":"

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.<\/p>\n","protected":false},"author":2,"featured_media":832,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"on","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":""},"categories":[15],"tags":[],"_links":{"self":[{"href":"https:\/\/gnc-accounting.co.uk\/wp-json\/wp\/v2\/posts\/831"}],"collection":[{"href":"https:\/\/gnc-accounting.co.uk\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/gnc-accounting.co.uk\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/gnc-accounting.co.uk\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/gnc-accounting.co.uk\/wp-json\/wp\/v2\/comments?post=831"}],"version-history":[{"count":4,"href":"https:\/\/gnc-accounting.co.uk\/wp-json\/wp\/v2\/posts\/831\/revisions"}],"predecessor-version":[{"id":1131,"href":"https:\/\/gnc-accounting.co.uk\/wp-json\/wp\/v2\/posts\/831\/revisions\/1131"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/gnc-accounting.co.uk\/wp-json\/wp\/v2\/media\/832"}],"wp:attachment":[{"href":"https:\/\/gnc-accounting.co.uk\/wp-json\/wp\/v2\/media?parent=831"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/gnc-accounting.co.uk\/wp-json\/wp\/v2\/categories?post=831"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/gnc-accounting.co.uk\/wp-json\/wp\/v2\/tags?post=831"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}