2023/24 UK Tax Return Deadline

DAYS

HOURS

MINUTES

SECONDS

UK Tax 2023-24

6 April 2023 – 2023/24 tax year begins.
31 July 2023– Second payment on account for 2022-23 income tax
31 October 2023 – Deadline for postal submissions of 2022-23 self assessment tax returns to be received by HMRC
31 January 2024 – Deadline for online submissions of 2022-23 self assessment tax returns plus balancing payment of tax
31 January 2024 – First payment on account for income tax for 2023-24
5 April 2024 – 2023-24 tax year ends
31 July 2024 - Second payment on account for income tax for 2023-24
31 October 2024 – Deadline for postal submissions of 2023-24 self assessment tax returns
31 January 2025 – Deadline for online submissions of 2023-24 self assessment tax returns plus balancing payment of tax

Personal allowance: £12,570 - 0%

Basic rate band: £12,571 - 50,270 - 20%

Higher rate bane: £50,271 - 125,140 - 40%

Additional rate: over £125,140 - 45%

National insurance was reduced from 12% to 10% from 6 January 2024.

6 April 2023 - 5 January 2024 - 12%

6 January 2024 - 5 April 2024 - 10%

2023-24 - 13.8%

Self employed people in the UK pay 2 classes of national insurance depending on their profit.

CLASS 2

Self employed people in the UK pay class 2 contributions of £3.45 per work when their profit exceeds £12,570

Small Profits Threshold (per year) - £6,725

Lower Profits Threshold (per year) - £12,570 - Rate (per week) - £3.45

CLASS 4

Self employed people in the UK also pay Class 4 contributions of 9% on profit between £12,570 & £50,270 & 2% on profits above £50,270.

Lower Profits Limit - £12,570 - Rate: 9%

Upper Profits Limit - £50,270 - Rate: 2%

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