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Be Knowledgeable on Your Tax Return

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The next self-assessment tax return date is January 31, 2024, requiring 2022-23 financial information. Telegraph Money explains how to avoid HMRC penalties.

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Telegraph Money Simplified Guide to 2024 Tax Returns

When income is obtained in methods other than wages, HM Revenue and Customs (HMRC) requires a tax return.

A tax return must include additional income sources and be filed online by January 31 of the following year. Tax authorities compare this information to other sources to determine the tax bill due by the same date.

The guide lists situations that require a tax return, including being a sole trader with over £1,000 in taxable profits, receiving over £100,000 in taxable income, facing the high-income child benefit charge, being a business partnership partner, earning from property rental, receiving foreign income, earning through tips or commission, gaining savings interest or dividends, and making a taxable gain from selling assets.

READ ALSO: ‘We saved £40,000 in inheritance tax by using the surplus income rule – here’s how’

2024 Tax Return Guide

In the Autumn Statement, the upper-income threshold for tax returns was eliminated, effective April 2024. Previously, those earning above £150,000 had to file. For the 2022-23 tax returns, many more reasons may require filing and an online tool on www.gov.uk can help assess if an individual has to file.

The tax return process is simple, but the guidance notes that people with many income sources or complex tax issues may find it difficult. For investors facing capital gains and dividend allowance reduction and freelancers facing tax legislation changes, preserving receipts and records is crucial.

READ ALSO: A 2024 guide to nailing your tax return

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