Clarion Futures Self Assessment Guide for HMRC

Completing Your Tax Return HMRC gives you ample time to complete your tax return. The deadlines will depend on how you want to file the return. The majority of people do this online and this also extends the deadline. • Paper returns 31st October after the tax year has ended. • Online Tax returns – Midnight 31st January of the following year. • Pay tax deadline – Midnight 31st January of the following year. • Penalties – £100 for late filing and interest on monies owed. The key date then is the 31st January after your tax year has ended if you are filing digitally. That’s almost 9 months to sort out your accounts and pay your taxes. Remember the deadline is not a goal, it’s an end date! You can file at any time after the tax year has ended but don’t leave it to the last minute!

Helpful Links https://www.gov.uk/log-in-register-hmrc-online-services https://www.gov.uk/what-you-must-do-as-a-cis subcontractor/how-to-register https://www.gov.uk/appoint-tax-agent HMRC Deadlines You must register for self assessment by 5th October after the tax year has ended. This is a legal deadline. However, HMRC requests that you register as self employed as soon as you can. If you started trading on the 5th July 2023 you will need to have registered by 5th October 2024 after your tax year has ended. But remember you still have to keep records of your accounts for that entire period. HMRC Tax Years Filing your returns follows the HMRC tax year. This starts on the 6th April (any year) and ends on 5th April (of the following year). All your return information must relate to this tax period.