Less than one month to tax return filing deadline

Posted on 11th January 2024 by Streets Income Tax

Image to represent Less than one month to tax return filing deadline

A new press release from HMRC has highlighted that 49,317 taxpayers took the time to file their tax returns online over the New Year holiday. It is estimated that over 6.5 million taxpayers have already filed their tax returns for 2022-23. This leaves almost 5.7 million taxpayers that are yet to file.

The deadline for submitting a 2022-23 self-assessment tax returns online is 31 January 2024. You should also be aware that payment of any tax due should also be made by this date. This includes the payment of any balance of self-assessment liability for the 2022-23 plus the first payment on account due for the current 2023-24 tax year.

If you miss the filing deadline then you will usually be charged a £100 fixed penalty which applies even if there is no tax to pay, or if the tax due is paid on time. If you do not file and pay before 1 May 2024 then you will face additional daily penalties of £10 per day, up to a maximum of £900. If the return still remains outstanding further higher penalties will be charged after six months and again after twelve months from the filing date. There are also additional penalties for late payments amounting to 5% of the tax unpaid at 30 days, 6 months and 12 months.

HMRC’s Director General for Customer Services, said:

‘The clock is ticking for those customers yet to file their tax return. Don’t put it off, kick start the new year by sorting your Self-Assessment. Go to GOV.UK and search ‘Self-Assessment’ to get started start today.’

If you are filing online for the first time you should ensure that you register to use HMRC’s self-assessment online service as soon as possible. Once registered, an activation code will be sent by mail. This process can take up to 10 working days. 

We would encourage our readers to complete their tax return as early as possible to avoid any last-minute stress as the 31 January 2024 filing date is fast approaching.

No Advice

The content produced and presented by Streets is for general guidance and informational purposes only. It should not be construed as legal, tax, investment, financial or other advice. Furthermore, it should not be considered a recommendation or an offer to sell, or a solicitation of any offer to buy any securities or other form of financial asset. The information provided by Streets is of a general nature and is not specific for any individual or entity. Appropriate and tailored advice or independent research should be obtained before making any such decisions. Streets does not accept any liability for any loss or damage which is incurred from you acting or not acting as a result of obtaining Streets' visual or audible content.


The content used by Streets has been obtained from or is based on sources that we believe to be accurate and reliable. Although reasonable care has been taken in gathering the necessary information, we cannot guarantee the accuracy or completeness of any information we publish and we accept no liability for any errors or omissions in material. You should always seek specific advice prior to making any investment, legal or tax decisions.

Expert insight and news straight
to your inbox

Related Articles

Income Tax in Scotland

The Scottish rate of income tax (SRIT) is payable on the non-savings and non-dividend income of those defined as Scottish taxpayers. The definition of a Scottish taxpayer is based on whether the taxpayer has a 'close connection' with Scotland or

What your tax code means

The letters in your tax code signify your entitlement (or not) to the annual tax free personal allowance. The tax codes are updated annually and help employers work out how much tax to deduct from an employee’s pay packet. The basic personal

Are you claiming the marriage allowance

The marriage allowance can be claimed by married couples and those in a civil partnership and where a spouse or civil partner does not pay tax or does not pay tax above the basic rate threshold for Income Tax (i.e., one of the couples must currently

You might also be interested in...