Following the end of the 2022/23 tax year on 5th April 2023, you should now consider whether you are required to submit a tax return to HMRC. Common reasons for submitting a tax return are:
- Receiving income from employment over £100,000,
- Self-employed or a partner in a business,
- Receiving income for renting out a property,
- Receiving dividends in excess of £2,000,
- Receiving bank interest in excess of your personal savings allowance (this allowance depends on your level of income),
- Receiving income over £50,000 and you receive child benefit,
- Due to make student loan repayments and this is not done through your employment.
This list is not exhaustive.
The 2022/23 tax return must be submitted to HMRC by 31st January 2024 if submitting electronically or by 31st October 2023, please note there are only a few exceptions that allow for the submission via a paper return.
Filing your tax return early does not mean that the tax must be paid early. Instead, advantages of filing early are:
- You will have advance notice of any tax that is due to be paid by 31st January 2024. This will help with budgeting,
- If you are due a refund, this will be issued following submission of your tax return,
- Avoid the stress of last-minute filing and potential late filing penalties.
If your circumstances have recently changed and you are now required to file a tax return, you must inform HMRC by 5th October 2023. HMRC will issue you with a Unique Taxpayer Reference (UTR) number to allow you to submit your tax return.
We have begun contacting our clients to request information to assist with the preparation of the 2022/23 tax returns and would encourage the information to be made available to us as soon as possible.
If you are unsure whether you need to complete a tax return, or require our assistance to complete one on your behalf, please feel free to get in touch at hello@drummondlaurie.co.uk