Paying tax following lost personal allowance

WoodsPastor

Newbie here, after hopefully some basic information.

In tax year 22/23 I earned £100k+ for the first time, but through the year was benefitting from a personal allowance.

I am therefore expecting to have to pay £5k to HMRC. Can anyone tell me when this will be demanded and what the deadline for payment will be? Can it be done through my tax code?

I don't know whether to complete a tax return now or wait until the money is demanded, I am assuming this would be before the tax return deadline?

Dazed_and_C0nfused

Ultimately you will have to complete a tax return.  No point in delaying registering for Self Assessment now you know your a tual earnings for the year.

And as the amount owed is over £3k it will be direct payment to HMRC by 31 January 2024.

Don't forget interest and dividends form part of your adjusted net income even if taxed at 0%.

WoodsPastor

Thanks that's really helpful - will the deadline for payment be 31st January 2024 whether I fill out a tax return now or not?

Dazed_and_C0nfused

WoodsPastor said:

Thanks that's really helpful - will the deadline for payment be 31st January 2024 whether I fill out a tax return now or not?

Yes, it won't be any earlier than that.