Self Assessment Tax Returns: 2023/2024 GoForma deadlines

Self-Assessment Tax Declaration Dates 2023/24

Tax Year: 6 April 2023 to 5 April 2024

Registration Deadline:

• If you're self-employed or a sole trader, not self-employed, or registering a partner or partnership, you must register by 5 October 2024.

Online Tax Return Deadline:

• The deadline for submitting an online tax return is 31 January 2025.

Payment Deadlines:

• 31 January 2025: This is the deadline to pay any tax you owe for the 2023/24 tax year and your first payment on account for the 2024/25 tax year.
• 31 July 2025: This is the deadline to make your second payment on account for the 2024/25 tax year.

Late Submission Penalties

Timeliness is crucial when it comes to self-assessment tax returns. Missing the deadline can result in penalties and additional fees:

• 1 day late: A fixed penalty of £100.
• Up to 3 months late: A £10 daily penalty for up to 90 days, totaling a maximum of £900.
• 6 months late: An additional £300 or 5% of the tax due, whichever is higher.
• 12 months late: Another £300 or 5% of the tax due, whichever is higher. In severe cases, you might be fined up to 100% of the tax due.

The sooner you file, the less likely you are to incur these fines. Timely submission can save you money and stress.

Rewards or Additional Charges, the choice is yours!

To avoid the rush and potential extra charges, we recommend filing self assessment as soon as possible. Based on the dates we receive submissions, below are the rewards or additional charges.

• Received Before 30 Aug 24: no additional filing charges and **included in prize draw for a £100 Amazon voucher **
• Between 01 Sep 24 to 31 Oct 24: no additional filing charges
• Between 01 Nov 24 to 30 Nov 24: additional £15 charge
• Between 01 Dec 24 to 31 Dec 24: additional £30 charge
• Received After 01 Jan 25: additional £45 charge

Filing early not only saves you money but also helps you plan for the tax payment due on January 31st, 2025.

Why You Need to Complete Self Assessment Early

Completing your self-assessment tax return early offers numerous advantages:

1. Better Cash Flow Management: Knowing your tax liability early allows you to plan your finances better. You'll have more time to save up for your tax bill, avoiding any last-minute rush.
2. Avoid Penalties and Interest: Filing early helps avoid penalties for late submission. If you miss the deadline, you'll face an immediate fine, and additional penalties if the delay continues.
3. Quicker Tax Refunds: If you are due a refund, filing early means you'll get your refund sooner. HMRC typically processes early returns faster, so you could receive your refund much earlier than if you filed at the last minute.
4. Peace of Mind: Completing your tax return early reduces stress and ensures you aren't rushing to meet the deadline. This also gives you more time to gather any necessary documents and correct any potential errors.
5. More Time for Corrections: Filing early gives you enough time to spot and correct any mistakes before the deadline, reducing the risk of submitting inaccurate information.
6. Easier Access to Support: If you need help, HMRC's support services and tax professionals are typically less busy outside of the peak filing season, so you're more likely to get timely assistance.
7. Improved Budget Planning: Knowing your tax liability well in advance helps with budgeting for other financial obligations and investments.
8. Avoid Technical Issues: Filing early helps you avoid the last-minute rush when the HMRC online system might be overloaded, reducing the risk of technical issues that could delay your submission.
9. Impact on Benefits and Credits: If you claim tax credits or other benefits, early submission ensures that your income figures are up-to-date, preventing any disruption to your payments.
10. Planning for Tax Payments: If you need to make payments on account, filing early provides clarity on these amounts and helps you plan for both the January and July deadlines.

How We Complete Your Self Assessment

Here’s how GoForma simplifies your Self Assessment process:

1. Document Submission: Submit the necessary documents to our secure dashboard.
2. Prompt Review: Upon receiving your documents, our team begins the review process immediately.
3. Detailed Preparation: We carefully prepare your tax return, ensuring all information is correct and complete.
4. Client Approval: Once prepared, we send the return to you for review and approval.
5. Filing: After your approval, we submit your tax return to HMRC, keeping you informed every step of the way.
6. Support: Our support team is always available to answer questions and provide guidance.

We understand the importance of quick and accurate tax return filings. Our service promises a two-month turnaround time from the date of submission. Our streamlined process guarantees you won’t miss the deadline, provided you submit your documents on time.

Don't Delay – Act Now!

Don’t wait until the deadline is looming. Filing your tax return early is a smart move that saves you money, time, and stress.

Ready to Get Started?

Log in to your GoForma dashboard today and get started on your 2023/2024 Self Assessment early to enjoy peace of mind, avoid penalties, and maybe even win big!

If you have any questions or need assistance, feel free to contact your accountant or email us at support@goforma.com. We're here to make tax season a breeze!