trading in platform exchange based on UK - deadline to pay tax income 2023-2024/ penalties?

chronology 1) start of activities on the platform for buying and selling forex instruments :06 Jan 2024 2) profits earned between January - May 2024 3) Aplication SelfAssessment received by HMRC - 07 Jun 2024 Question: a) When is the day in 2024 that I can pay tax on profits without penalty? b) If there is a penalty, how should it be assessed? c) Could I calculate the tax on profits and pay it in November, i.e. in the next payment cycle? Thanks for your support!

Hi,

The tax year is from 6 April to 5 April and so income from January 2024 to 5 April 2024 needs to be declared and paid by 31 January 2025. You can submit your return and make payment at any time prior to 31 January 2025 to avoid any penalties.

Thank you.