Tips for completing your self assessment tax return ahead of 31 January deadline
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The New Year isn’t just when many of us overhaul our diets and hit the gym. It’s also a key time for getting your finances in order and filling out the dreaded self assessment tax return. The deadline to send tax returns for the year April 2023 to April 2024 is fast approaching, but some Brits will be feeling especially smug, as they’ve already completed theirs.
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According to HM Revenue and Customs (HMRC), 40,000 people completed their forms over the festive period – with 4,409 people even doing so on Christmas Day. As for the rest of us… the clock is ticking. If you’re feeling a little daunted by the seemingly endless form and overwhelming questions then fear not, here are our top tips for tackling your self assessment tax return.
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There are a variety of reasons why you might have to and the most common are: if you’re self-employed and earned a gross income of over £1,000, if you’re a new partner in a business, or if you have an annual income higher than £150,000. As was heavily publicised earlier this year, anyone who makes a profit of £1,000 from selling goods online – such as via Vinted or eBay – also has to complete a tax return. The important word here is profit: if you’ve made the cash by selling your unwanted items then you don’t need to fill out a return, but buying and selling goods is a different matter.
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It’s also worth noting that the earnings period is the most recent full tax year, which dates from April 6, 2023 to April 5, 2024. The deadline for filling out your self assessment is Friday, January 31 – but it’s highly recommended to start doing so before this date to ensure you have enough time to gather all the relevant figures and double-check your form.
