Understanding the 2023 Tax Filing Dates and Rules
Are you someone who earned extra money this past year, perhaps through a side business, rental properties, or investments? If so, you might need to inform the tax officials about your income, and here's a simple guide on what to do about it and when you should do it:
Key Dates to Remember:
- If you had additional income between 6 April 2022 and 5 April 2023, make sure to inform the tax office (HMRC) by 5 October 2023.
- Planning to submit your details online? Do it by 31 January 2024. Prefer old-fashioned mail? Then ensure it's posted by 31 October 2023.
Who Should Inform HMRC:
- If you started a new business or joined a partnership in the 2022/23 year, give HMRC a heads up.
- Did you start earning from renting out a property or investments? That counts too.
- If you made more than £100,000 in this period, it's mandatory to tell them. However, starting from the 2023/24 tax year, this limit will be raised to £150,000.
- Families where someone earned more than £50,000 and still received child benefit payments also need to notify.
Don't Be Late:
- Mark that date, 5 October 2023. If you miss it, you might have to pay a penalty.
Do You Still Need to File?:
- Some of you might be wondering if you still need to submit these details. Situations change! For example, if you only had standard employment income (under the PAYE system), you might not need to go through this process.
- But here's a tip: If HMRC has asked you for this information for the 2022/23 year, make sure to send it. If you believe there's been an error, contact them and see if they can retract their request.