31st January 2023 Deadline for Self Assessment
The deadline for submitting your self-assessment tax return for 2022 is the 31st January 2023.
If you havent filed it already and you miss the deadline you may incur a penalty of 100 for the first 3 months which increases. Plus any tax you owe will be subject to interest. Please contact us for advice if you need to file a 2022 tax return.
Once you have submitted your tax return you may receive a letter from HMRC laying out how much you need to pay or if there is a tax refund due to you, This not always the case however.
This can be confusing because any payments are split into 2 payments due by 31st January and 31st July. THe first payment is waht you owe minus any payments on account from the previous year. The second payment is a payment on account towards the next year’s tax liability based upon your earnings in the tax year 6th April 2021 – 5th April 2022. if you expect your income to increase or reduce the next year then his can be adjusted BUT if you under-estimate this amount you can be liable to interest being charged on the difference..
If we have filed your tax return for you, then we will tell you what you owe to HMRC on the 31st January 2023 and the 31st July 2023. We will make an assessment of your payments on account for you.
How to pay your self-assessment tax;
https://www.gov.uk/pay-self-assessment-tax-bill
More information
HMRC Overview If you have filed your tax return
You’ll get a bill when you’ve filed your tax return. If you filed online you can view this::
- when you’ve finished filling in your return (but before you submit it) – in the section ‘View your calculation’
- in your final tax calculation – it can take up to 72 hours after you’ve submitted your return for this to be available in your account
HM Revenue and Customs (HMRC) will send your bill by post if you did a paper return.
You may need your tax calculation (known as a ‘SA302’), for example if you’re self-employed and applying for a mortgage.
This guide is also available in Welsh (Cymraeg).
Understanding your bill
Your bill includes the tax you owe for the last tax year. This is called a ‘balancing payment’ on your bill.
If this is more than £1,000, your bill will usually include an additional payment towards next year’s bill (known as a ‘payment on account’).
If you made payments on account last year
You’ll need to deduct any payments on account you made last year towards this year’s bill to work out what you owe.
