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The average rating for Bark Accountants is 4.89, based on 114,686 reviews
5/5
based on 114,686 reviews
If you’re self-employed, you probably shudder at the phrase ‘tax return’. It feels like you’ve only just done your last tax return, but the gateway will soon be open for you to complete your 2023-24 self-assessment tax return.
If the thought of completing your next self-assessment tax return sends you into a cold sweat, don’t panic – we’ve got you covered. Here’s everything you need to know about completing your 2023-24 tax return.
You’ll need to complete a tax return for the 2023-24 year if you earned over £1,000 within the tax year – that’s between 6 April 2023 and 5 April 2024. It’s important to note that the £1,000 is total turnover and not profit, so it’s your earnings before expenses.
You might be self-employed as a sole trader or a partner in a business partnership. You may also need to complete a tax return if you’re earning money as a landlord, if you have foreign income and if you’re receiving income from savings, investments and dividends.
You won’t need to complete a tax return if all of your income comes from your wages or pension. However, if you’re unsure about whether you need to complete a tax return, it’s always best to check with HMRC or a chartered accountant.
The gateway to complete your 2023-24 self-assessment tax return will open the day after the tax year ends. This means that you can complete your tax return from 6 April 2024.
The deadline for completing your 2023-24 tax return online is 31 January 2025. This may seem a long way away, but it can creep up on you quickly. It’s best to get ahead when it comes to your taxes, rather than leaving it until the last minute.
If you’re late submitting your 2023-24 self-assessment tax return, you’ll receive a penalty charge of £100. This penalty will increase if your tax return is over three months late.
You’ll also be charged interest on your late tax payments, so it’s best to make sure that you submit your tax return on time to avoid ramping up the fees.
If you need help completing your 2023-24 self-assessment tax return, we have accountants on standby who are ready to assist you. Simply search for an accountant on Bark and request a quote to take the effort out of completing your tax return.
The average rating for Bark Accountants is 4.89, based on 114,686 reviews
5/5
based on 114,686 reviews
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