Lentells Limited

CHARD 01460 64441 | SEATON 01297 20584 | TAUNTON 01823 286274 | PAYROLL 01460 68700
chard@lentells.co.uk | seaton@lentells.co.uk | taunton@lentells.co.uk | payroll@lentells.co.uk

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Tuesday, 02 January 2024 12:07

Time is running out for outstanding tax returns

The 31 January deadline for submission of 2022-23 Self-Assessment Tax Returns, covering the year ended 5 April 2023 is fast approaching, with only 4 weeks left to file until the deadline. 

If there is any tax owed for 2022-23 this will also need to be paid by 31 January 2024, and if required, the first payment on account due towards 2023-24 will also need to be paid at the same time. Interest will charged on any tax not paid on time, with an additional 5% surcharge on any tax overdue at 30 days, 6 months and 12 months.

If you are unlikely to be able to meet any tax payments when they are due, it is best to contact HRMC as soon as possible to arrange a payment plan, which will then mitigate any penalties due. Those who cannot pay in full by the deadline may be able to set up a Time to Pay arrangement online if the amount owed is less than £30,000. 

A self-assessment tax return is likely to be needed if you have complex affairs, capital gains above the personal allowance, let property income or need to repay child benefit. If you are unsure whether a tax return is required, please contact us.

 

Last modified on Tuesday, 02 January 2024 13:27


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Chard Office

17-18 Leach Road 
Chard Business Park 
Chard
Somerset 
TA20 1FA

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01460 64441

Seaton Office

Kingsway
50 Fore Street
Seaton
Devon
EX12 2AD

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01297 20584

Taunton Office

Ash House, Cook Way
Bindon Road
Taunton
Somerset
TA2 6BJ

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01823 286274