What happens after I file my Self Assessment tax return?

You’ve hit submit and you’re ready to close that browser tab forever. But before you do, it’s important to understand what happens next. After all, filing is just the first step. So, whether you’re a seasoned freelancer or a first-time landlord, here’s exactly what to expect from HMRC (and GoSimpleTax) once your tax return is sent. 

The immediate confirmation

Once you submit through GoSimpleTax, you’ll receive an instant notification that your return has been successfully sent to HMRC. You’ll get a submission confirmation number which is important to keep as it’s your proof that you met the deadline. The amount you owe or are owed will be visible immediately. 

Settling the tax bill 

You won’t get a bill in the post if you file online. It’s up to you to pay by the deadline.

• If you owe tax: You must pay your Balancing Payment by 31st January. If your bill is over £1,000, you might also have to make your first Payment on Account for the next tax year on the same day.
• If you’re owed a refund: HMRC usually processes refunds within 5 to 10 working days for online filers. The money is typically sent directly to the bank account you nominated on your return.

Don’t worry if you made a mistake in your return as HMRC allows you to amend your tax return for up to 12 months after the filing deadline. 

How to pay

You can pay your tax bill any time after filing until the 31st January. It can be done by:

• Direct Debit: The safest way to ensure you don’t forget.
• Online/telephone banking: Fast and usually cleared the same day.
• Debit or corporate credit card: You cannot use a personal credit card to pay HMRC.
• Payment plans: If you can’t pay in full, you may be able to set up an arrangement online, provided you owe less than £30,000 and it’s within 60 days of the deadline.

Potential enquiries 

Sometimes tax returns are picked for a routine audit to ensure everything is being reported correctly. Generally, HMRC has 12 months from the date you filed to open an enquiry which is why keeping your receipts and records is vital.

Want to know more about potential investigations? Check out this guide. 

The golden rule of records

Just because your return is filed, it doesn’t mean you can bin your receipts. Sole traders and landlords are advised to keep records for at least 5 years after the January deadline of the relevant tax year. This includes receipts, bank statements, invoices and even mileage records.

Finally… prepare for the next one

The biggest mistake taxpayers make is closing the book until next year. By getting ahead now, you can rest easy come January knowing everything is prepared. 

Top tip: Start uploading your receipts to GoSimpleTax as you get them. By adding expenses throughout the year, you won’t have to spend hours in January and if you complete your tax return now you’ll know your full tax bill months in advance

Start your free trial of GoSimpleTax now or login to your GoSimpleTax dashboard to see your submission history and upcoming liabilities. 

Blog content is for information purposes and over time may become outdated, although we do strive to keep it current. It's written to help you understand your Tax's and is not to be relied upon as professional accounting, tax and legal advice due to differences in everyone's circumstances. For additional help please contact our support team or HMRC.