Mark Your Calendar: Understanding the Tax Return Filing Deadline

Mark Your Calendar: Understanding the Tax Return Filing Deadline

Every year, thousands of people and businesses in the UK rush to meet their tax return filing deadlines. Did you know that in 2022 alone, more than 11.7 million self-assessment tax returns were submitted to HMRC? If you’re among those who need to file, marking your calendar is crucial to avoid penalties, interest, and last-minute stress. But who exactly needs to submit a tax return, and when are tax returns due? Read on to discover everything you need to know about tax return deadlines, and how ST Accountancy can help make sure you never miss an important date.

Importance of Tax Return Filing

Filing a tax return is essential to keeping your financial situation in order. Whether you’re a sole trader in Ipswich, earning extra income from rental properties, or running a growing corporate business in East Anglia, staying on top of tax deadlines is needed for several reasons:

1. Compliance: HMRC requires those with untaxed income or specific financial circumstances to report earnings and pay any outstanding taxes.
2. Avoiding Penalties: Missing the tax return deadline incurs an automatic £100 penalty, with additional charges for further delays.
3. Better Financial Planning: Filing early gives you time to plan for any taxes owed and avoids last-minute scrambles.

Missing your tax return deadline can have serious consequences. Understanding who needs to file and when is the first step in staying compliant.

Who Needs to File a Tax Return?

You may wonder, ‘When do I have to do a tax return?’ In the UK, several circumstances require those who are self-employed or business owners to file. Here are the most common scenarios:

• Self-Employed: If you are self-employed and earned more than £1,000 in a tax year, you must file a self-assessment tax return.
• Rental Income: Anyone earning more than £1,000 from renting out property must report this income.
• Investment Profits: If you made over £3,000 in profits from investments (excluding gains within ISAs), a tax return is necessary.
• Interest or Dividends: Those earning over £10,000 from savings interest (outside a cash ISA) or dividends (outside a stocks & shares ISA) also need to file.
• Foreign Income: Receiving income from overseas sources? You must declare this if it exceeds £1,000.
• HMRC Notice: Sometimes, HMRC will issue you a notice to file a tax return, either because of untaxed income, a P800 form, or a requirement to remain on the self-assessment register.

Failing to de-register from self-assessment after no longer needing it can result in HMRC expecting a return, resulting in penalties. If in doubt, it’s worth consulting with an expert tax return accountant in Ipswich to assess your situation.

Key Tax Return Deadlines You Need to Know

So, when are tax returns due? Knowing the key dates for each tax year can help you avoid unnecessary penalties and stay organised. The tax year starts on 6 April of each calendar year and ends on 5 April of the following year. Here’s what you need to remember:

• 6th April: The tax year begins. You can start gathering your financial records for the upcoming tax return.
• 5th April: The tax year ends. After this date, you can file your self-assessment tax return for the next tax year.
• 31st October: Deadline for paper tax returns.
• 31st January: Deadline for online tax returns and any tax payments owed for the tax year.
• 5th October: The deadline for registering for self-assessment if you haven’t filed a return before.
• 30th December: File your online return by this date if you want any owed tax under £3,000 to be collected through PAYE.

Filing your tax return early not only avoids last-minute pressure but can also give you time to plan your finances if any unexpected tax liabilities arise.

Consequences of Missing the Tax Return Deadline

Failing to submit your tax return on time can have significant financial and legal consequences. Here’s what you could face:

• £100 Late Filing Penalty: This applies even if you owe no tax or have already paid what you owe.
• Additional Penalties: Prolonged delays lead to further penalties. After 3 months, there is a daily penalty of £10 per day for up to 90 days. After 6 months an additional 5% of the tax due is added, and a further 5% is added after 12 months.
• Interest on Tax Owed: Any outstanding tax will accrue interest until it’s paid, increasing the overall amount owed.

To make things simpler, the government is organising a digital system for completing tax returns. This is set to be available from 6 April 2026 for those who are self-employed, and April 2027 for landlords.

How to Avoid Missing the Deadline

Filing on time doesn’t have to be stressful. Here are some tips to help you avoid missing tax return deadlines:

1. Set Reminders: Mark key dates in your calendar and set reminders a few weeks before the deadline to give yourself ample time.
2. Keep Records Organised: Maintain up-to-date records of income, expenses, and any other relevant financial information throughout the year.
3. Seek Professional Help: Accountants like ST Accountancy can manage the entire process for you, ensuring your tax return is filed correctly and on time.
4. File Early: Don’t wait until the last minute—filing early can help you avoid mistakes and last-minute rushes.

How ST Accountancy Can Help You Meet the Deadline

At ST Accountancy, we specialise in helping sole traders, small businesses, and corporate clients in Ipswich and East Anglia manage their tax returns efficiently. Whether you’re filing a self-assessment, partnership, or corporation tax return, our expert accountants are here to ensure you stay compliant and avoid penalties. We offer personalised tax planning, advice on allowable expenses, and support to make the process seamless.

Don’t leave your tax return in Ipswich until the last minute—contact ST Accountancy today and ensure your finances are in order before the tax return deadline. We do also offer tax advice to businesses in Ipswich who need support with this area.

FAQs

Can I file a tax return before the deadline?

Yes, you can file as soon as the tax year ends on the 5th of April. Filing early gives you time to plan for any taxes owed and reduces stress. Our Ipswich accountants can advise you on the process of this.

What documents do I need to file my tax return?

You’ll need records of all your income (e.g., self-employment, savings, rental income), allowable expenses, P60 forms, interest statements, dividend vouchers, and any tax reliefs you’re eligible for. Our tax accountants in Braintree can help you with filing your tax return.