Important Tax Dates 2023

31 July 2023: second payment on account due

Self-employed workers who pay tax through payment on account will have to make their second payment by midnight on 31 July.

The amount you pay is an estimate based on your earnings in 2021-22. If you still owe tax after this has been paid, a further 'balancing payment' may be due on 31 January 2024.

5 October 2023: register for self-assessment

If you've never submitted a self-assessment tax return before, you must register by 5 October 2023 in order to submit for the 2022-23 tax year.

This will allow you to get your Unique Taxpayer Reference (UTR) number and activation code in time, which you need to file your first return.

31 October 2023: paper tax returns due

This is the deadline for filing a paper tax return. However, if you receive a notice from HMRC that you must file a tax return after 31 July 2023, you'll need to send back the completed form within three months of the date issued on the notice.

If you miss the deadline for filing your paper tax return, don't be tempted to try and file it late. You'll still have time to complete an online tax return instead - as these aren't due until 31 January. But don't submit both.

30 December 2023: opt into PAYE

If you file your tax return online and also have earnings taxed under PAYE, you can opt to have overdue tax collected via your tax code throughout the following year.

However, to be eligible your tax bill must be less than £3,000 and you must file your online return by this date. The advantage of this is that any tax payable would be paid over 12 months from April 2024, rather than a single lump sum by 31 January 2024.

Fines for late tax returns

It's important to be aware that filing your tax return late, or failing to pay the tax you owe on time, will probably mean you'll face extra penalty fees and interest charges.

We've outlined the kinds of charges you could face for missing the tax return deadline.

One day late

You could face a £100 fine for filing even just a day after the deadline.

3 months late

After three months, you'll be fined £10 for each additional day (capped at 90 days), plus the £100 initial fine - up to a maximum of £1,000.

6 months late

Either £300 or 5% of the tax due (whichever is higher), on top of the penalties above.

12 months late

An additional £300 fine, or 5% of the tax due, plus the above penalties. In the most serious cases, you may be fined 100% of the tax due.

If you're late paying the tax you owe, you could face a host of additional fees.