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Key dates for paying your self-assessment tax in the United Kingdom

The self-assessment tax return system in the United Kingdom requires taxpayers with specific financial circumstances to report their income and calculate their tax liabilities. Knowing when to pay your taxes in relation to your self-assessment tax return is crucial for maintaining compliance with the tax laws. This article will outline the critical deadlines for self-assessment tax payments and provide guidance on how to meet these deadlines.

Deadlines for Self-Assessment Tax Returns and Payments

If you are required to submit a self-assessment tax return, the deadlines for filing and payment are as follows:

Filing deadline:

Paper tax returns: If you choose to file a paper tax return, the deadline is midnight on 31 October, following the end of the tax year (5 April). For example, for the tax year 2022/2023, the paper tax return deadline is 31 October 2023.

Online tax returns: If you opt to file your tax return online, the deadline is midnight on 31 January, following the end of the tax year. For the tax year 2022/2023, the online tax return deadline is 31 January 2024.

Payment Deadlines for Self-Assessment Tax Returns

If you are required to submit a self-assessment tax return, the deadline for paying any tax owed is as follows:

Payment deadline: 

Regardless of the filing method you choose (paper or online), your payment deadline for any tax owed is midnight on 31 January following the end of the tax year (5 April). For example, for the tax year 2022/2023, the payment deadline is 31 January 2024.

Payments on account: 

If you have a substantial amount of tax due through self-assessment (typically over £1,000) and less than 80% of your tax liability is collected at source, you may be required to make ‘payments on account.’ These advance payments towards your next year’s tax bill are due in two instalments:

First payment: Due by midnight on 31 January during the tax year. For the tax year 2022/2023, the first payment was due by 31 January 2023.

Second payment: Due by midnight on 31 July following the end of the tax year. For the tax year 2022/2023, the second payment is due by 31 July 2023.

Meeting the Payment Deadlines

To ensure you meet the self-assessment tax payment deadlines, consider the following tips:

  • File your tax return early: By completing and submitting your self-assessment tax return well before the filing deadline, you will have ample time to determine the amount of tax owed and make the necessary arrangements for payment.
  • Budget for your tax liability: Be proactive in setting aside funds to cover your tax liabilities. Regularly review your income and expenses throughout the year to estimate your potential tax bill and plan accordingly.
  • Set reminders: Mark the payment deadlines in your calendar and set reminders to ensure you don’t miss crucial dates.
  • Use electronic payments: Paying your self-assessment tax bill online through the HMRC website, via online banking, or through the HMRC mobile app can help ensure your payment is processed promptly and securely.

Conclusion

Knowing when to pay your self-assessment tax and adhering to the payment deadlines are essential for compliance with UK tax laws. By filing your tax return early, budgeting for your tax liability, setting reminders, and using electronic payment methods, you can minimise the risk of missing deadlines and incurring penalties. If you are unsure about your self-assessment obligations or need assistance with your tax return, consider seeking professional advice from a qualified accountant or tax adviser.

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