Business Advice: It's time to submit your Self Assessment Tax Return

If you’re self-employed, you must submit your Self Assessment tax return by 31st January.

As the saying goes, nothing in life is certain except death and taxes and if you're self-employed it's time to complete your digital Self Assessment tax return for the 2022 to 2023 tax year.

This applies to anyone who works for themselves, either as a sole trader, for their own limited company and/or if you earn additional income from a side hustle, property rental, trusts or dividends. In addition, there are sections for High Income Child Benefit Charge and Marriage Allowance. It's easy to check if this applies to you on the HMRC website.

You can complete your Self Assessment tax return yourself (it's not as scary as it sounds), or you can entrust this to your accountant who will be able file this on your behalf if you give them permission. 

Your Self Assessment tax return can be submitted to HM Revenue and Customs (HMRC) any time after the tax year ends (5th April 2023) and the earlier you do it means you'll have more time to budget for paying your tax liabilities. The deadline for submitting a paper return has passed (31st October 2023) so you'll need to submit your tax return online by midnight 31st January 2024.

If you believe you no longer need to submit a Self Assessment tax return because your employment status has changed during the tax period of 6th April 2022 – 5th April 2023, you must let HMRC know by 31st January 2024 using an online form so that you are not issued with a late filing penalty.

When should I pay my tax? You should pay the tax you owe for the 2022 to 2023 tax year by 31st January 2024 at midnight. HMRC may be able to set up a ‘Time to Pay' arrangement with you, which is a payment plan enabling you to pay in instalments. HMRC will only do this if they believe you have the means to pay.

What if I miss the deadlines? If you miss the deadline for submitting your Self Assessment tax return by up to three months, HMRC charge you a late filing penalty of £100 which will increase if you still don't submit it.

If you have an issue completing and submitting a Self-Assessment tax return before 31st January 2024, or you will not be able to pay the tax due by that same date, you must contact HMRC as soon as possible. 

If you owe tax, do not ignore any letters or messages from HMRC, they will work with you to find a solution.

Using the app

If you download the HMRC app on your phone or tablet, you can check how much Self Assessment tax you need to pay, make a payment and set reminders. The app is available for iOS and Android. 

If you are unsure about any aspects of finance, book keeping and taxation in relation to running your beauty or hair business, you should take professional advice from a qualified Accountant.  

Information on submitting your Self Assessment tax return:

If you can't pay your tax by 31st January 2024:

Get help from HMRC: