Do you need to file a tax return this January? See our quick checklist

Do you need to file a tax return this January? See our quick checklist

It can be time consuming, daunting and stressful. Yes, it’s almost that time of year again when tax returns must be prepared and submitted to HMRC.

If you are unsure whether you need to complete a self assessment tax return, or if your circumstances have changed this year, our short checklist below can help.

When is the self assessment deadline?

The deadline for online tax return submissions is midnight 31 January 2024, and with the impending threat of fines, which can range from £100 to 100% of your tax bill (effectively meaning you pay your tax twice over), it really is worth making sure you file your tax return correctly and on time.

Are you filing a self assessment return for the first time?

If you’ve never completed self-assessment in any form, the first thing you need is a ten-digit Unique Taxpayer Reference (UTR) code.

The UTR can take some time to be sent to you, so make sure that you leave enough time to meet the filing deadline. HMRC recommend that you give yourself at least 20 working days to receive your number.

Do you need to file a tax return this January?
Your quick checklist…

If your answer is ‘yes’ to any of the following questions from April 2022 to March 2023 you must complete and submit a tax return:

  • Were you self employed and earned more than £1,000?
  • Were you a partner in a business at any time in the year?
  • Did you receive income over £100,000?
  • Did you receive £10,000 or more before tax from taxed savings and investments, including dividends?
  • Did you receive more than £2,500 in untaxed income?
  • Did you receive income from letting out property?
  • Did you receive foreign income liable to UK tax?
  • Are you an employee claiming expenses or professional subscriptions of £2,500 or more?
  • Did you, or your partner, receive child benefit and have an individual “adjusted net income” of over £50,000 per annum?
  • Was your State Pension more than your Personal Allowance and was your only source of income?
  • Have you received a letter from HMRC requiring you to complete a Self Assessment Tax Return 2022-23 and do you meet at least one of the other criteria?
  • Have you made profits from selling assets such as shares, a second home or other chargeable assets, and need to pay Capital Gains Tax?
  • Did you live or work abroad? (You should check your residency status)

Contact our team

Contact us for a free, no obligation quotation or to discuss further if you are in any doubt as to whether you need to complete a tax return.

A quick call to our team will put your mind at ease and we will be able to quickly advise on your situation.

1280 852 Rouse Partners

Ammad Khan

Ammad provides personal taxation planning, advisory and compliance services. See more

All stories by : Ammad Khan

This information has been produced by Rouse Partners LLP for general interest. No responsibility for loss occasioned to any person acting or refraining from action as a result of this information is accepted by Rouse Partners LLP. In all cases appropriate advice should be sought before making a decision.

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