Thank you for choosing Pacific to prepare your 2024 Self-Assessment Tax Return.
You are just five steps away from having your Tax Return filed with HM Revenue & Customs. Please complete steps 1 and 2 below as soon as possible, and no later than 31 July 2024, and leave the rest to us!
Step 1 – Complete and submit your online Tax Return Questionnaire to Pacific by 31 July 2024
Step 2 – Supply your Tax Return information to Pacific by 31 July 2024
Step 3 – Pacific will prepare your Tax Return for you at the earliest opportunity once all of the information is available. If you are self-employed or a landlord, your Tax Return will be prepared once we have prepared your accounts and you have approved them.
Step 4 – Pacific will send you your Tax Return for approval and will advise you of your tax liabilities and tax payments.
Step 5 – Pacific will submit to HMRC for you once you have approved it. The deadline for submitting the 2023/24 Tax Return is 31 January 2025. Penalties will be charged if your Tax Return is submitted after this date and interest and late payment penalties will arise on tax paid late as detailed below.
We look forward to receiving your completed Tax Return Questionnaire soon.
Fee Protection Insurance
We recommend that you review whether or not you have any Fee Protection Insurance in place to cover the professional fees that would arise in the event of an enquiry or investigation into your Tax Returns by HM Revenue & Customs. If you are a landlord, you may have this cover included with your membership to the National Landlords Association. If you are in business, you may be covered by your business insurance policy or your membership to The Federation of Small Businesses. If you do not have any cover in place, you should consider carefully whether or not you wish to be covered in the event of an enquiry or investigation by HM Revenue & Customs.
Dates For Your Diary
6 April 2024 – 2023/2024 Self Assessment Tax Return issued to you.
April 2024 – Tax Return Questionnaire issued to you by Pacific.
30 June 2024 – Return your questionnaire to Pacific by this date if you would like us to review your tax instalments, and potentially reduce your 31 July 2024 tax payment.
31 July 2024 – Return your completed questionnaire and supporting information to Pacific.
31 July 2024 – Due date for payment of second instalment of tax for 2023/2024.
5 October 2024 – If you have not been issued with a Self Assessment Tax Return to complete for the year ended 5 April 2024, this is the deadline for advising HM Revenue & Customs that you have a new source of income or capital gain on which a tax liability has arisen for the year ended 5 April 2024.
31 October 2024 – Deadline for submitting original paper Tax Return to HM Revenue & Customs.
30 December 2024 – Deadline for submitting Tax Return online if you want HM Revenue & Customs to collect any unpaid tax you owe for 2024/2024 through your 2025/2026 PAYE tax code, where you owe £3,000 or less.
31 January 2025– Deadline for submitting Tax Returns online to HM Revenue & Customs.
31 January 2025 – Due date for balancing tax payment for 2023/2024 and first instalment of tax due for 2024/2025.
Late Filing Penalties
Immediately after the due date for filing – £100 penalty;
3 months after the due date for filing – £10 per day applied for a maximum of 90 days;
6 months after the due date for filing – £300 or 5% of the tax due, whichever is higher;
12 months after the due date for filing – Further £300 or 5% of the tax due, whichever is higher. In serious cases HM Revenue & Customs may charge penalties of up to 100% of the tax due instead and in some cases the penalties can be even higher than this.
Late Payment Charges
30 days late – 5% of the tax unpaid at that date
Six months late – A further 5% of the tax unpaid at that date
Twelve months late – A further 5% of the tax unpaid at that date
Interest is also charged from the due date, currently at 7.75% per annum.
2024 Tax Return Questionnaire
If you would prefer to complete the paper version of our questionnaire, then this can be downloaded by clicking here. Please print, complete and return this to us no later than 31 July 2024