Ahead of the 2023/24 online self-assessment filing and payment deadline of Friday 31 January 2025, several key reminders are set out below. Readers should also be aware that HMRC staff are planning strike action over the coming weeks which you can read more about in a separate story in this edition. Members are also advised to contact the Institute by email if they experience any issues in the coming weeks which prevent the filing of 2023/24 self-assessment returns before the deadline so that we can discuss with HMRC.
2023/24 transition year to basis period reform
Important guidance on the transition year to basis period reform, and in particular applying for information on overlap relief, was contained in the November 2024 Agent Update which we highlighted last month.
HMRC has also published a new tool to help calculate overlap relief if HMRC is unable to provide the information on unused overlap relief. By way of reminder, 2023/24 is the transition year of basis period reform after which the tax year basis of assessment commences in full from 2024/25 for all unincorporated businesses. In 2023/24, any unused overlap relief from earlier tax years must be used.
To use HMRC’s new tool, information is required from business records, including the date the business started or the date an individual joined a partnership. According to HMRC “reasonable estimates” should be used if not all the information required is available.
Simple assessment tax bills
HMRC is reminding taxpayers who have received a simple assessment letter to pay any tax outstanding for 2023/24 by the later of:
- 31 January 2025; and
- three months from the date of issue of the letter.
Guidance is also available on how to pay a simple assessment tax bill, including what action to take if a taxpayer is unable to pay the full amount due by the deadline.
Scams
HMRC is warning that fraudsters are increasingly targeting people with offers of tax refunds, or demanding payment of tax to obtain personal information and banking details. HMRC’s advice to taxpayers is to check if contact is genuine using the guidance on GOV.UK before taking any action.
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