As you may already know, taxpayers must undertake various tasks, such as filing returns and paying tax, by certain dates. If these deadlines are missed, HMRC may charge late filing and late payment penalties. Interest is also charged on tax paid late.
There are two deadlines in particular this month which might catch you due to the festive period and reduced working hours.
For example, Rawlence + Browne clients who are required to meet either the 30 or 31 December deadline, as detailed below, may be affected as our offices will be closed over the festive period. Our last working day is Friday 22 December 2023 and our offices will reopen on Tuesday 2 January 2024.
They key dates in December 2023 to look out for are:
30 December 2023 for Personal Tax Clients
Although the deadline for filing your 2022/23 Self-Assessment tax return online is 31 January 2024, if you owe any tax that you want to be collected through PAYE, you must file your return online by the earlier date of 30 December 2023. This may be the case if you are employed, but also have income from self-employment, letting property or from investments.
Tax can only be collected through PAYE via an adjustment to your tax code if the amount that you owe is £3,000 or less and you have sufficient PAYE income from which to collect the tax.
If you file your return by the 30 December 2023, HMRC will automatically adjust your tax code to collect tax in this way, unless they are advised otherwise.
31 December 2023 for Business Clients
Companies with a 31 December 2022 year end must ensure that they have filed their company tax return by 31 December 2023.
Or;
If your company prepared its accounts to 31 March 2023, you will need to ensure that your accounts are filed at Companies House by 31 December 2023.
As ever, if you require any guidance or advice specific to your personal situation, please do let us know and get in touch with the team.
