With the deadline to submit a paper tax return fast approaching (31 October 2024), and online returns due by 31 January 2025 – there’s no time like the present to complete your tax return, whichever method you choose.
Sending your return early comes with the benefit of knowing what you owe so you can budget to make the payment by 31 January 2025, and if you need to look at the range of payment options available, filing early allows you to enter a payment plan in good time. Any repayments which may be due can also be claimed early.
Unsure if you need to file a self assessment tax return?
You must file a self assessment return if, in the last tax year, you were:
- self-employed as a ‘sole trader’ and earned more than £1,000 (before taking off anything you can claim tax relief on)
- a partner in a business partnership
- you had a total taxable income of more than £150,000
- you had to pay Capital Gains Tax when you sold or ‘disposed of’ something that increased in value
- you had to pay the High Income Child Benefit Charge
You may also need to send a tax return if you have any untaxed income, such as:
- money from renting out a property
- tips and commission
- income from savings, investments, and dividends
- foreign income
If you are still unsure if you need to file a return, you can use the HM Revenue and customs check service by clicking here.
Get in touch
For further advice or help with completing your 2023/24 self assessment tax return, please get in touch with a member of the tax team by emailing enquiries@pmm.co.uk.
