reminder for personal tax returns

With the clock ticking, we are here to remind you that the deadline for filing your personal tax return is fast approaching. The closing date for acceptance is Wednesday 31st January 2024, and failure to miss this deadline will result in a penalty and additional interest added.

This time of year can bring a rush to many businesses, but it is important that you don’t let the filing of your personal tax return fall to the bottom of the priority list. Maintaining a proactive approach can ensure that you stay ahead of schedule and file without penalties. To support you during the lead up to the deadline, we have created a tax return checklist, so you can be confident that you have everything that is required.

Your personal tax return checklist

To file your tax return correctly, it is required that the following are included:

  • Employment income in the form of P45 of P60s
  • Any details of P11d benefits in kind
  • Details of any pension funds received, through either state or personal plan
  • Details of any state benefits received, including jobseekers’ allowance
  • Income and expenses from self-employment
  • Bank interest received during the current 2023/24 tax year. This is not including from ISA accounts
  • Dates and amounts of any dividends received
  • Details of any rental income from property, plus any associated expenditure
  • Details of any capital gains from the sale of assets such as shares or property
  • Amount of any charitable donations on which you have signed a gift aid declaration
  • Details of any contributions made to a pension scheme
  • Details of any contributions made by either you or your employer to your student loan. Please indicate whether this is ‘plan 1’ or ‘plan 2’
  • If either you or your partner earned over £50,000, details of the amount of child benefit you have received during the year, plus the number of children this benefit was for. If child benefit ceased in the tax year, you will be required to provide the date of cessation
  • Any other information you feel may be relevant to your finances for the year 6 April 2023 to 5 April 2024

Your accountant can file your personal tax return online. It is important to note that this process can take up to a week, so it is important that you don’t leave this until the last moment.

Penalties for late payment

The responsibility of making payment will lie with you. You must not rely on, or expect for, HM Revenue and Customs to issue any reminders or prompts. Payments can be made online, or via a payslip if better suited, so there is an option for everyone. If you fail to make payment by 31st January, you can expect to incur a penalty. The level of this penalty will alter over time, dependant on the amount of time that passes before full payment is made. As always, if you are unable to make payment, you should seek advice and declare your situation to HMRC.

  • After 30 days, you will receive a charge of 5% of the tax unpaid.
  • After six months, you will receive a charge of an additional 5% of the tax owed.
  • After twelve months, you will receive a charge of a further 5% of the tax owed to HMRC.

If you are in need of support, advice or guidance into the completion and filing of your tax return for the tax year 2023/24, get in touch. We provide a range of specialist accountancy services, personal tax returns, to ensure that you can complete the tax year correctly, and with confidence. Our team are here to help you, whenever you need it. Get in touch with us, no matter your query, and we will provide a prompt response.