Personal finance Do you need to file a tax return for 2022/23?

Don’t risk a fine by missing the deadline for a Self Assessment tax return you didn’t realise you were required to submit, warns

There are a number of reasons why you might need to complete a Self Assessment tax return. These include if you are selfemployed, a company director, have an annual income over £100,000 and/or have income from savings, investment or property.

Taxpayers who need to complete a Self Assessment return for the first time should inform HMRC as soon as possible, and at latest by 5 October following the end of the tax year in question. HMRC provides an online tool www.gov.uk/check-if-you-need-tax-return/ that can help you to check if you are required to submit a return. The list of those usually required to submit such a return includes:

• The self-employed (earning more than £1,000)

• Taxpayers who made profits from selling assets such as shares, a second home or other chargeable assets and need to pay Capital Gains Tax (note there is now a requirement to file a 60-day Capital Gains return on property sold that is not your current residence)

• Company directors – unless it was for a non-profit organisation such as a charity and you didn’t get pay or benefits, eg company car

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• Taxpayers whose income (or that of their partner) was over £50,000 and one of you claimed Child Benefit

• Taxpayers who had income from abroad they needed to pay tax on

• Taxpayers who lived abroad and received a UK income

• Taxpayers who have income over £100,000 including the employed.

Dates to meet

HMRC must receive your tax return and any money you owe by the following deadlines:

• Paper tax returns are due by midnight 31 October 2023

• Online tax returns are due by midnight 31 January 2024

• Payment of the tax you owe by midnight 31 January 2024

• Second payment on account by 31 July 2024 (if liability over £1,000).

The late filing penalty is £100 if your tax return is up to three months late, but you will have to pay more if it’s later. You’ll also be charged interest on late payments.

If you are unsure on any of the above or need help completing and submitting your return, please contact us for a free consultation.

Rebecca Jones BA (Hons), ACA, CTA is a director at DRE & Co chartered accountants in Oswestry. Call 01691 654353 or see www.dre.co.uk

We are all driven by our emotions – often more than we’d like to admit. Emotions are key drivers of behaviour and can shape our way of investing, for better or for worse.

We know we shouldn’t let emotions or impulses drive our investment choices, but some can’t help themselves. New research reveals that 50% of British investors admit to making impulsive investment decisions, with 67% of them regretting it.

What’s driving you?

So what influences investment decisions? Social media tops the list, with 32% citing it, closely followed by friends (31%) and fear of missing out (30%).

Separating emotions from investments is hard, no matter how investors are feeling. A third (34%) made impulsive investment decisions whilst excited, a fifth (21%) when feeling impatient and 16% in fear of missing out.

Some 47% admitted feeling anxious about their investments, and two-thirds felt excited when checking on them.

Anxiety and excitement may lead to poor investment habits. According to the research, 62% felt a need to constantly monitor their investments to succeed, leaving them prone to reacting to short-term market fluctuations.

Staying on top

An emotional connection to your investments isn’t necessarily a bad thing, especially if you use it as a tool to invest in funds you feel enthusiastic about. However, when feelings start to cloud decisionmaking, it’s time to take a step back.

By understanding your emotions, it’s easier to manage them and create a diversified portfolio that takes advantage of market opportunities and can weather any storms.

Many investors enjoy the thrill and excitement of investing. A compromise they can make is adopting the ‘core satellite approach’. They put money into something stable and less exciting, and add a small satellite component of investments giving more enjoyment, keeping them engaged, and providing an emotional reward without causing them to make decisions they may regret.

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