Tax deadline dates for 2024

Many people and businesses experience stress during the tax season, but some of the stress may be reduced by being aware of the self-assessment tax deadlines. Staying compliant with the law requires knowing when tax returns are due and what penalties may be imposed for filing them after the deadline. Here outlines the UK tax deadlines you need to be aware of. 

January 31st marks the first deadline of 2024, in which HMRC must receive your online tax return before midnight for the tax year starting 6th April 2022 and finishing 5th April 2023. This deadline may differ if you have received a notice to make your tax return from HMRC after the 31st October 2023, in this case, the deadline to file your tax is 3 months following the date of issue.

If you are required to make payments on the account, this is also the first date of payment on the account for the 2023/24 tax year, alongside a balancing payment if tax is still owed from your 2022/23 income. 

The tax year runs from the 6th April 2024 until the 5th April 2025. This is the time in which changes to tax rates and allowances come into effect. Individuals and businesses need to stay up to date with any updates within the Spring Budget to ensure that you can accurately report taxes throughout the year. 

If you are required to make a second payment on the account, then it is due on the 31st July 2024 before midnight. The amount you pay will be an estimate based on your 2022/23 tax year earnings. If taxes are still owed following this date, you will need to pay a further balancing payment on January 25th 2025.

If you also pay PAYE tax, you have the option for any overdue taxes via your tax code. To qualify for this, your tax must be filed online before 30th December and your tax bill must be less than £3,000. The advantage of this is that any taxes payable is paid over 12 months instead of a single payment, similar to how it is for employees.

Failing to meet tax deadlines can have serious consequences, including financial penalties and interest charges. Here are some of the charges you could face for missing the tax return deadline.

One Day Late 

Although being a day late may seem like no harm, it can still result in penalties. If taxes are filed late, HMRC will issue an initial fixed penalty of £100, which increases an extra £10 each day (for up to 90 days), up to the total of £1,000.

6 Months Late 

If your tax return is 6 months late, HMRC will impose additional penalties, this is 5% of the tax due or a £300 penalty, whichever is higher. This is on top of the penalties outlined above.

12 Months Late

If you still haven’t filed your tax return after 12 months, on top of the other penalties, HMRC will impose another penalty of £300 or 5% of the tax due. 

If you have never submitted a tax return before, you will need to register with HMRC, which you can do online. Once you have done this you can choose how you wish to submit your tax return, this can be online or by post, it is important to remember the deadlines for your chosen method.