UK Self-Assessment Tax: Deadlines and Important Dates in 2023
Understanding the deadlines for self-assessment tax returns and other financial obligations is crucial to avoid penalties and ensure all payments are made on time. Our team have summarised the essential dates for UK Self Assessment taxpayers in 2023 below, to help make the process as straightforward as possible.
What is Self-Assessment Tax?
Self-assessment tax requires individuals, including the self-employed, sole traders, landlords, and those with complex financial affairs, to report their income, gains, and expenses to His Majesty's Revenue and Customs (HMRC). This process enables HMRC to calculate the correct tax liability for each taxpayer. If you think this could apply to you, get in touch with our team and we can help you figure it out.
Key dates:
1. End of Tax Year 2022/23 - 5 April 2023
2. Start of Tax Year 2023/24 - 6 April 2023
3. End of Tax Year 2023/24 - 5 April 2024
Self-Assessment Tax Registration & Filing Deadlines in 2023:
1. Online Filing Deadline (Tax Year 2021/22) - 31 January 2023
The deadline for submitting self-assessment tax returns online in relation to the 2021/2022 tax year (the year ending 5 April 2022) is 31 January 2023. This electronic method offers a more convenient and efficient way to file returns.
2. Self Assessment Registration Deadline (Tax Year 2022/23) - 5 October 2023
If you are new to self-employment, and earned over £1,000 from your self employment in the year to 5 April 2023, you are required to register with HMRC for self-assessment by 5 October 2023.
3. Capital Gains Tax Registration Deadline (Tax Year 2022/23) - 5 October 2023
If you sold any assets for a profit in the year to 5 April 2023, you are required to register with HMRC for capital gains tax by 5 October 2023. This excludes any properties - the deadline for these are 60 days after completion.
4. Paper Filing Deadline (Tax Year 2022/23) - 31 October 2023
For those choosing to submit a paper tax return in relation to the 2022/2023 tax year (the year ending 5 April 2023), the deadline is 31 October 2023. This method involves completing the physical tax return form and sending it to HMRC by post.
5. PAYE Opt-in Filing Deadline (Tax Year 2022/23) - 30 December 2023
For those who pay tax via PAYE (pay as you earn), in addition to any income from self employment, and have additional tax due of £3,000 or less, there is an option available to spread the payment of this amount over twelve months, through the PAYE system. In order to qualify for this scheme, your self assessment tax return must be filed online by 30 December 2023.
6. Online Filing Deadline (Tax Year 2022/23) - 31 January 2024
The deadline for submitting self-assessment tax returns online in relation to the 2022/2023 tax year (the year ending 5 April 2023) is 31 January 2024. This electronic method offers a more convenient and efficient way to file returns.
Self-Assessment Tax Payment Deadlines in 2023:
1. Overall payment deadline (Financial Year 2021/22) - 31 January 2023
Regardless of the filing method, tax owed for the 2021/2022 tax year must be paid to HMRC by 31st January 2023.
2. Overall payment deadline (Financial Year 2022/23) - 31 January 2024
Regardless of the filing method, tax owed for the 2022/2023 tax year must be paid to HMRC by 31 January 2024. However, there are additional payment deadlines for specific tax obligations:
a. First Payment on Account Deadline (Financial Year 2022/23) - 31 January 2023
For those who pay their Self Assessment tax by payments on account, the first payment on account for the 2022/2023 tax year is due on 31 January 2023. This advance payment goes toward your tax liability for the next tax year and is calculated based on the tax liability of the previous year.
b. Second Payment on Account Deadline (Financial Year 2022/23) - 31 July 2023
For those who pay their Self Assessment tax by payments on account, the second payment on account for the 2022/2023 tax year is due on 31 July 2023. This advance payment goes toward your tax liability for the next tax year and is calculated based on the tax liability of the previous year.
c. High-Income Child Benefit Charge Deadline (Financial Year 2022/23) - 31 January 2024
If your income exceeds £50,000 and you or your partner receive child benefits, the deadline to pay any High-Income Child Benefit Charge for the 2022/2023 tax year is 31 January 2024.
d. Capital Gains Tax Payment Deadline (Financial Year 2022/23) -31 January 2024
For individuals who incurred capital gains during the 2022/2023 tax year, the deadline for payment of Capital Gains Tax is on the 31 January 2024.
e. Tax-Free Childcare Scheme Deadline (Financial Year 2022/23) - 31 January 2024
Parents using the Tax-Free Childcare Scheme must utilise any funds deposited during the 2022/2023 tax year by 31 January 2024. Unspent funds after this date will not be accessible.
Next steps
Are you not sure what you need to do by when in order to stay compliant with HMRC?
Or are you wondering if any of this even applies to you?
Don’t worry, we get it. At Beancrunch we specialise in providing tax services to individuals and small businesses. Get in touch with our team today to find out more about how we can help you.
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