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Tax essentials

Everything you need for the 22/23 SA tax return

Sofia Thompson
Sofia Thompson
Tax return season is upon us! The majority of people submit their tax returns in December and January. To help with this sometimes stressful task we've created this article to help guide you through the 22/23 tax return submission. We've included everything you need to know; a step by step guide to submitting your tax return, common mistakes to avoid and guidance about the HMRC deadlines.
Earnr is the finance and tax companion for the self-employed and side hustlers. We give you more time to run your business. Download Earnr for free on iOS. Need tax advice now? Ask Earnr AI, our new AI tax assistant

Tax return season can be a stressful time for many people in the UK. It's important to have a clear understanding of the process to ensure that you don't run into any issues with the HMRC. In this  guide, we will take you through the basics of UK tax return and provide you with valuable tips to make the process smoother.

The Basics

A Self Assessment tax return is a document that individuals need to submit to HM Revenue and Customs (HMRC) to report their income and expenses for a particular tax year. It is a way for the government to calculate how much tax you owe or how much tax should be refunded to you.

You will need to submit a Self Assessment tax return if you are a self-employed individual. This is a person who runs their business for themselves and takes responsibility for its success or failure. This term therefore applies to people with a side-hustle; Etsy sellers, content creators, freelancers etc.

Self-employed individuals can earn up to £1000 tax free, this is known as the ‘trading allowance’. However, once your self-employed income surpasses this, you will need to pay tax and submit a Self Assessment Tax Return.

Want to understand more about Self Assessment? Read our Self Assessment Guide.

Important dates for 22/23 tax returns

  1. April 5, 2023 - End of the tax year: This is the last day of the tax year, and it marks the end of the period for which you need to report your income and expenses.
  2. October 5, 2023 - Deadline for registering for self-assessment: If you are required to file a tax return and haven't done so before, you must register for self-assessment by this date.
  3. January 31, 2024 - Deadline for submitting your tax return online and paying any tax owed: This is the final deadline for submitting your tax return and paying any tax you owe. It's important to submit your return on time to avoid penalties.

By knowing who needs to file a tax return and being aware of the important dates, you can ensure that you fulfil your tax obligations and avoid any unnecessary penalties.

Step-by-Step Process Of Filing Your Tax Return

1. Register For Self Assessment

If you haven't already done so, you will need to register for self assessment with HMRC by registering for a Unique Taxpayer Reference (UTR). This is an important step in ensuring that you are compliant with the tax laws and regulations. By registering for self assessment, you are letting HMRC know that you are responsible for filing your own tax return and paying any tax due. Not sure about UTRs, read our blog posts; 'What is a UTR?' and 'Where can I find my UTR?'.

Registering for a UTR can be done within the Earnr app or online with Earnr. The registration process is quick and convenient, allowing you to complete the necessary steps from anywhere.

Once you are registered, you will receive a Unique Taxpayer Reference (UTR) number through the post. The UTR number is unique to you and is used to identify your tax records. It's important to keep this number safe and secure, as you will need it every time you file your tax return. You can enter your UTR number directly into the Earnr app once you have this, so that it will not be lost and so this is ready for when you submit your tax return.

2. Submit Your Tax Return Using Earnr

Once you have entered your UTR, you can use the Earnr app to identify your business transactions and income sources, you can also provide details about your income, expenses, and any reliefs or deductions you may be eligible for. It's crucial to take your time to fill in the information accurately, as any errors or omissions can lead to penalties or delays in processing your tax return.

When submitting your tax return, you may need to refer to various documents such as your P60, P45, and bank statements. These documents will help you accurately report your income and claim any allowable expenses. You can upload these documents in the Earnr app, where we will  extract important information for you automatically, speeding up the process. Unsure about P60s and P45s? Read our blog post explaining P60s and P45s.

In addition to reporting your income and expenses, you should provide information about other sources of income, such as rental income or dividends and you can also add any other adjustments that may affect the tax you pay; student loan repayments, marriage allowance, the high income child befit charge etc.

Once you have entered your information, ensure that you upload any supporting documents that may be required. These documents can include receipts, invoices, or any other evidence to support your claims. Use the Earnr app to store all of these items, keeping all of your records in one place. Maintaining accurate records and providing supporting documents will help validate your tax return and minimise the chances of an audit or investigation.

3. Once You’ve Submitted Your Tax Return

Once you have added your details and hit submit in the Earnr app and we will submit it to HMRC for you. Filing your tax return through Earnr is such a convenient and efficient method.

After receiving your tax return, HMRC will process it and calculate the amount of tax you owe or any refund you may be entitled to. They will send you a tax calculation, also known as a 'Notice to Pay' or a 'Tax Calculation Summary', which outlines the amount due or the refund amount. It's important to review this document carefully and make any necessary payments by the specified deadline.

Filing your tax return is an important responsibility and it can sometimes feel like a very daunting process. If at any time you need more guidance, you can speak to one of our team members, we’re here to help you and explain every step of the way.

Common Mistakes to Avoid When Filing Your Tax Return

Incorrect Personal Information

Make sure you double-check your name, address, and other details to ensure they are accurate. Providing incorrect information can lead to delays in processing your tax return and could even result in penalties.

Missing Income Details

Another mistake to avoid is failing to include all sources of income. It's important to report all income earned during the tax year, including income from employment, self-employment, investments, rental properties, and any other sources. Failure to report all income can lead to penalties and increased scrutiny from HMRC.

Late Submission and Payment

Missing the January 31 deadline for submitting your tax return or paying any tax owed can have serious consequences. HMRC imposes penalties for late filing and late payment, so it's crucial to stay organised and meet the deadlines. Set reminders and plan ahead to avoid any unnecessary stress.

Need help?

Got tax queries and calculations? You can ask our new AI tax assistant, Earnr AI

Need support with the Earnr App? Reach out to the Earnr team through the Earnr app, we will do our best to try and help you.

Please note that Earnr AI is still in Alpha Mode (we are continuously testing and improving it) and its responses cannot be seen as tax advice.

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