If you have overpaid tax then you’ll get interest paid to you. The interest will be worked out from the original due date for payment. If more tax is due, you’ll need to pay interest on the difference between your estimates and the final figures. You have 12 months from the Self Assessment deadline to make these changes. When you find out what your profit was for the whole tax year, you’ll need to change your return. You should tell HMRC that you’ve used provisional figures when you submit your return. If you do not know what your profit will be for the whole tax year before the reporting deadline, you should work out what it’s likely to be (known as ‘provisional figures’) and include those. This can be different to the period used to identify the profits taxable in any particular tax year (also known as a ‘basis period’). your ‘accounting period’ is different to your ‘basis period’Īn ‘accounting period’ is the period which a business’s accounts are made up to (often 12 months) and gives the business year end.your ‘accounting period’ ends at a different time to the end of the tax year.You might not know what your profit will be for the whole tax year if, for example: If you do not know your profit for the whole tax year You can appeal against a penalty if you have a reasonable excuse. You’ll usually pay a penalty if you’re late. ![]() There’s usually a second payment deadline of 31 July if you make advance payments towards your bill (known as ‘ payments on account’). ![]() You need to pay the tax you owe by midnight 31 January 2024. If you’re doing an online tax return, you must submit it by midnight 31 January 2024. If you’re doing a paper tax return, you must submit it by midnight 31 October 2023. You can tell HMRC by registering for Self Assessment. You must tell HMRC by 5 October if you need to complete a tax return and have not sent one before. Deadline for telling HMRC you need to complete a return ![]() The last tax year started on 6 April 2022 and ended on 5 April 2023.
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