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Who must send a tax return HMRC 23/24

HMRC letter regarding self-assessment

What is a self-assessment?

A self-assessment is a system HMRC use to collect Income tax, which is not collected automictically via your wages or pension income.

The personal tax year covers income received between 6th April - 5th April each year. You have until the following 31st January to report and pay any taxes due.

For example the 23/24 tax covers income between 06/04/2023 - 05/04/2024 and you have until 31/01/2025 to report and pay any taxes.

Who must send a tax return?

You must send a tax return if, in the last tax year (6 April to 5 April), any of the following applied:

  • you were self-employed as a ‘sole trader’ and earned more than £1,000 (before taking off anything you can claim tax relief on)

  • you were a partner in a business partnership

  • you had a total taxable income of more than £150,000

  • you had to pay Capital Gains Tax when you sold or ‘disposed of’ something that increased in value

  • you had to pay the High Income Child Benefit Charge

You may also need to send a tax return if you have any untaxed income, such as:

What do I do if I need to send a tax return?

First you will need to ensure you have registered for Self-assessment and HMRC will issue you with a UTR (unique tax reference). You will need to do this by 05/10/2024 for the 23/24 tax year.

Once you have your UTR in place, you can then file your self-assessment through HMRC's systems or appoint an accountant / tax advisor to assist you.

If you would like support on anything raised or to see how HPC Accountancy could support you and save you tax, get in touch today!

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