For any person who is required to submit a self-assessment tax return for the 2023-24 tax year (which concluded on 5 April 2024), their submission deadline will usually be 31 October 2024 if submitted by paper or 31 January 2025 if submitted online.
You will need to submit such a tax return if, for the 2023-24 tax year, you fall into any of the below categories:
- HMRC have issued you (or your agent/advisor) with a written notice to submit such a tax return
- You were a partner in a partnership
- You were a self-employed sole trader, and generated gross turnover of more than £1,000
- You were a landlord, and generated gross rental income of more than £10,000
- You were a landlord, and generated net rental income of more than £2,500
- You have to pay the High Income Child Benefit Charge
- You were in receipt of taxable foreign income (from any source)
- You were in receipt of income from a trust
- You were a non-UK resident and received UK taxable income (from any source)
- The total sum of all your taxable savings and investment income (eg interest, dividends) was more than £10,000
- The total sum of all your taxable income (from any source) was more than £150,000
- The total sum of the proceeds from all your taxable disposals (eg sales) was more than £50,000
- You have capital gains tax to pay (this will likely be the case if you realised an overall net gain of more than £3,000)
- You have income tax to pay (unless it can be collected via PAYE in a later tax year)
- You have a loss to claim
Please note that the above is not an exhaustive list, but it does cover the most common reasons for needing to submit a tax return. Furthermore, the above list only relates to your own personal position – the rules are different for trustees and executors.
If you need to submit such a tax return but HMRC has not yet issued a written notice, then you will need to notify HMRC by 5 October 2024. In some cases, this may lead to change in your submission deadline.
If you have not received a written notice from HMRC, and you are unsure as to whether you need to submit a tax return, HMRC have a helpful online checker tool which you can use:
www.gov.uk/check-if-you-need-tax-return
How Moore Barlow can help
At Moore Barlow, we prepare and submit numerous tax returns each year for our clients. If you are required to submit a 2023-24 tax return and would like us to prepare and submit it for you, please do feel free to get in touch in order to discuss further.
