October tax deadlines: Getting clients prepared
Summer may not seem like long ago, but we’re well and truly in autumn. And we all know what autumn means; upcoming tax deadlines. October is an important month for UK accountants and business owners, as there’s a few tax deadlines that need to be remembered. So, whether it’s you or your clients who need to keep up with these obligations, in this article, we will discuss the upcoming October tax deadlines and how you can prepare for them.
5th October – Completing a tax return for the first time
If you have any clients who wish to complete a Self Assessment tax return for the 2022/23 tax year, and who have never completed one before, they must register for Self Assessment with HMRC by the 5th of October 2023. Clients can be registered through their business tax account, and will need a Government Gateway user ID to sign in.
19th & 22nd October - PAYE and NIC Deadlines
UK employers also need to be aware of PAYE and NIC deadlines in October. The deadline to pay any outstanding PAYE and NICs for the 2022/23 tax year is the 22nd of October 2023, if paying electronically. If you’re paying by cheque, the deadline is the 19th of October 2023.
31st October - Self Assessment tax return deadline
The most important tax deadline in October is the Self Assessment tax return deadline. This is the last day for individuals to file their Self Assessment tax return for the previous tax year, if they are completing a paper return. For online tax returns, the deadline is the 31st of January 2024.
Anyone submitting a paper return, will need to contact HMRC to request a SA100 form to complete. The form is no longer available online as HMRC want to encourage people to complete their returns electronically using Self Assessment software.
What do you need from your clients to file their Self Assessment tax return?
When completing a Self Assessment tax return for your clients, there’s certain information you’ll need for them to send on. Getting the information and paperwork you need from your clients, is often the most arduous part of filing a tax return. Requesting this information from your clients early is key.
You should request the following information from clients:
The ten-digit Unique Taxpayer Reference (UTR) that was assigned upon registration
National Insurance number
Details of any untaxed income from the tax year (see the full list of what should be included here)
Records, such as a P60, of any income which tax has been paid on
Details and records of any expenses relating to self-employment
Details of any charity or pension contributions which are eligible for tax relief
If you are filing your Self Assessment tax returns online, there’s no need to panic just yet, you still have until 31st of January to do so. But there’s no harm in getting clients prepared, with a gentle reminder of what you need from them. By keeping track of these deadlines and preparing in advance, you can avoid the consequences of missing them. Remember to always double-check deadlines and avoid last-minute rushes. This allows you to remain compliant and avoid unnecessary stress and costs in your business. To learn how you can start planning for a more peaceful January today, we’ve put together a short guide on how to get ahead of yourself this year.
Written by Elaine Carroll | Bright
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Bright was created in 2021 when Thesaurus Software Ltd. and Relate Software Ltd. decided to join forces. Bright is a leading provider of accounting, payroll, tax and HR solutions to businesses across the UK and Ireland. We help thousands of accountants, bookkeepers and small to mid-sized businesses become more productive and efficient with our...