Self assessment tax returns – are you prepared?
Finance & Funding
Key learnings
- Tax returns are issued to everyone HMRC recognises as needing to file one – including company directors and those who are self-employed
- They must be completed for each fiscal year (6 April-5 April)
- The 2022/23 deadline for an online tax return is 31 January 2024 and a paper tax return is 31 October 2023
- Failure to meet these deadlines could result in penalties, even if there is no tax outstanding.
- If HMRC has any concerns about your return they will open an enquiry and contact your accountant if you have one, or yourselfÂ
If HMRC recognises you as self-employed or a company director, you will need to file a tax return each fiscal year. Failure to do so by the deadline could result in hefty fines. Here, Rycroft Glenton, an advisory firm specialising in accountancy, tax, corporate finance and audits, talks through the process.
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