Posts Tagged : self employment

2022/23 tax return

As we approach the end of the tax year, it’s time to start thinking about your tax return for 2022/23.

The tax year runs from 6th April to 5th April the following year. For the 2022/23 tax year, you will need to submit your tax return online by 31st January 2024. If you file via a paper return, the deadline is 31st October 2023.

Who Needs to File a Tax Return?

You will need to submit a tax return for the 2022/23 tax year if:

  • You are self employed or a sole trader and earnt more than £1,000 (before deducting allowable expenses)
  • You are a partner in a business partnership
  • You earned more than £100,000
  • You have untaxed income from savings, investments and dividends
  • You have foreign income
  • You receive income from renting out a property
  • You earn more than £50,000 a year and you or your partner receive child benefit

If you’re unsure whether you need to file a tax return then speak to an accountant.

What happens if you miss the deadline?

If you miss the deadline for filing your tax return, HMRC will issue you with penalties. The penalty for filing your tax return late is £100 and will increase to daily penalties of £10 after three months and a penalty of 5% of the tax owed after six months.

Institute of Chartered Accountants Members
Military Tax Refunds
Our Accountants Office
  • 7 Morston Court, Weston-super-Mare, BS22 8NG
  • 01934 527888
Latest News