When should I provide my tax return information?
Now! We are quickly approaching the 2022 filing deadline for tax returns that need to be submitted on paper (31 October) now is a good time to remind you to send the information for your self-assessment tax returns to your agents.
Digital tax return
The tax return filing deadline for electronic submissions is 31 January 2023. Whilst the deadline has been officially extended in the last two years, as a result of the COVID-19 pandemic, we aren’t expecting the same extension this year.
£100 fine if you are late
As a reminder, if your self-assessment tax return is not filed with HMRC by 31 January 2023, an automatic late filing penalty of £100 will automatically be charged to your account.
Ahead of the January deadline
All accountants are extremely busy as both 31 December year end filing (for companies) and the tax return deadlines are approaching. Combined with the Christmas holiday period, the number of working days available is substantially reduced compared to October and November.
We encourage everyone to spend a little time before October half term to pull together their tax return information and get it sent over to their accountant. Even if you aren’t sure that you’ve got it all, send it over, and someone can confirm exactly what’s missing.
Your self-assessment return
This must disclose all of your income received during the year, less any applicable expenses, e.g., rental property expenses or sole trade costs incurred wholly and exclusively in connection with the income source. Don’t forget any investment portfolios or bank interest, however small, and let us know of any asset disposals in the year. Whilst disposals of cars are exempt from Capital Gains Tax (CGT) you may find yourself with a CGT bill on sales of shares, properties, or personalised license plates.
Disposals of Property
These should be notified to your accountant immediately upon exchange. If you have realised a taxable gain on the sale of residential property, this needs to be reported to HMRC within 60 days of completion and the tax paid within this timeframe. The 60-Day CGT returns for residential property must not be forgotten in favour of the normal tax return deadline.
Do reach out to our Tax Services Team if you need any help gathering your information, or if you’d like to discuss your position before getting your information together.