The October Tax Deadlines You Need to Know

It’s that time of year again tax season has rolled around, and your team is starting to gear up for the impending deadlines (I know, we can’t believe it’s October already either…). In this blog, we’ll delve into the upcoming October tax deadlines and how to effectively prepare for them. So, let’s dive right in and get your financial affairs in order!

5th October Completing a tax return for the first time

Will you be filing a Self Assessment tax return for the 2022/23 tax year and have never completed one before? It’s imperative that you register for Self Assessment with HMRC no later than October 5th, 2023. This registration process can be completed through your business tax account. You will need your Government Gateway user ID to sign in.

19th & 22nd October – PAYE and NIC Deadlines

It’s crucial for UK employers to keep PAYE and NIC deadlines in mind during October too. Any pending PAYE and NICs for the 2022/23 tax year, must be settled by October 22nd, 2023, if paying electronically. However, if you prefer to pay by cheque, the deadline is a bit earlier, October 19th, 2023.

31st October – Self Assessment tax return deadline

The standout tax deadline in October is the Self Assessment tax return. This marks the last day for individuals to submit their Self Assessment tax return for the previous tax year, if you are opting to submit a paper return. For those choosing to go the more popular online route, the deadline for submitting your Self Assessment tax return electronically is January 31st, 2024.

If you plan on submitting a paper return, it’s essential to contact HMRC to request the SA100 form required for completion. It’s worth noting that this form is no longer accessible online, as HMRC aims to promote the electronic completion of returns using Self Assessment software.

What do you need to file your Self Assessment tax return?

Let’s run through the information you’ll need to file your return:
Your ten-digit Unique Taxpayer Reference (UTR) that was assigned upon registration
Your National Insurance number
Details of any untaxed income from the tax year (see the full list of what should be included here)
Records, such as your P60, of any income which tax has been paid on
Records of any of your expenses relating to self-employment
Details of any charity or pension contributions which are eligible for tax relief

Planning to file online? It’s time to get prepared!

For those of you who are planning to file your Self Assessment tax returns online, there’s no need to stress just yet you still have until the 31st of January to complete the process. Nevertheless, it’s good practice to get yourself organised well in advance of the deadline, whether you are filing your own tax return, or you if you’re having a professional do it for you. We can all be guilty of kicking the can down the road, but staying ahead of these deadlines and preparing in advance is a smart move to steer clear of the consequences of missing them. Remember to always cross-check the deadlines and avoid any last-minute rushes. This approach ensures that you stay compliant, reducing unnecessary stress and expenses, which is a pretty good incentive if you ask me!

To discover how you can kickstart your preparations for a more stress-free January, we’ve put together a brief guide to help you get a head start this year.

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This content may have been developed with the assistance of AI tools. Content is reviewed by a member of the Bright team before publication. Guidance on legislation can be obtained from your industry body.