Have you completed your self-assessment tax return?

Do you need to fill out an online self-assessment tax return? Or owe HMRC tax? Well, the clock is ticking! Here’s a little reminder from Mint on everything you need to do before the deadline next Wednesday, 31 January. 

The basics: 

Ensure your online tax return for the 2022/2023 tax year, concluding on April 5, 2023, reaches HMRC by 11:59 pm on January 31, 2024. Immediate action is crucial to avoid penalties starting at £100. HMRC reports that nearly 5.7 million individuals have not yet submitted their tax returns.

How do I know if I need to file a self-assessment tax return? 

If you are self-employed and don’t have your tax automatically deducted (don’t worry if you work with Mint, we have you covered!) then you likely need to file a self-assessment tax return. 

This includes:

– Self-employed with income exceeding £1,000

– Multiple income sources over £1,000

– Earned £10,000 or more pre-tax from savings, investments, shares, or dividends

– Claimed Child Benefit with an annual income over £50,000

– Earned over £2,500 from property rental, tips, or commission

– Taxable income exceeded £100,000

– Earned income abroad or lived abroad with UK income

– Required to pay capital gains tax

– Received income from a trust

– State pension exceeded personal allowance, being the sole income (unless pension started on or after April 6, 2016)

– HMRC notified insufficient tax payment last year

– Filed a self-assessment for the 2021/22 tax year (mandatory even if no tax is owed)

– Self-employed with earnings below £1,000, but considering voluntary payment of ‘class 2’ national insurance contributions for state pension and benefit entitlement protection.

Still not sure? GOV.UK has a free tool which can help you determine whether you need to file a self-assessment tax return.