Tax deadline for the 23/24 Financial Year
HMRC are expecting a Tax Return to be submitted for the 23/24 Financial Year by 31 January 2025.
This page provides some last-minute guidance on who needs to send a return – and details of our Essentials package to help you submit your return on time!
Tax returns are not as scary as you might think. To put things as simple as possible, HMRC want to know how much your business has taken (income) and spent (expenses).
With these two numbers, they calculate how much your taxable profits are, and then apply the relevant Tax and National Insurance.
But you’ll need to get those numbers for them. And if you’ve left it to the last minute, don’t worry. Take solace that you’re not alone.
Do you need to submit a return to HMRC?
31 January 2025 is the deadline to electronically submit your Tax Return to HMRC.
HMRC have a standard ‘tax year’ which runs from 6 April to 5 April the following year. Once the year has finished, anyone who is self employed is required by law to submit a tax return covering this period, showing all business activity taken place – and the information has to be submitted to HMRC by 31 January the following year.
As such, for the period of 6 April 2023 to 5 April 2024*, a tax return must be submitted electronically to HMRC by 31 January 2025. This is the current deadline which millions of UK self employed taxpayers must meet.
Cloud based system
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Use our MalgraBooks Essentials package for last minute accounts.
If you need to submit a tax return for the 2023/24 financial year, our Essentials Package is ideal for you – providing step by step guidance on completing your return.
Our cloud accounting service provides everything you need to DIY your own accounts – and prepare the final figures required from HMRC.
Last Minute Accounts Webinar
Join our team on Sunday 19 January at 3pm for an interactive webinar explaining how to use our Essentials Package Cloud Spreadsheet system and understand what’s needed to prepare and submit your tax return. Register today!
This webinar has now taken place – you can find a recording in the Help and Support section of your member dashboard.
