Industry News - 24th October 2023
With around 250,000 taxpayers submitting their Self Assessment tax returns in the first week of the new tax year, HMRC is highlighting the benefits of being an early bird tax return filer.
New data released by HMRC shows that the number of individuals choosing to file their 2022 to 2023 tax return in the week from 6 April 2023, has increased by nearly 100,000 since 2018.
According to HMRC, by filing your tax return early, you can find out what your tax bill will be, well before the 31 January 2024 deadline and budget for it in advance. Early submission does not mean that you have to pay your bill early, but it does give you extra time if you need to spread the cost of the bill before the deadline, for example through a Budget Payment Plan.
If you are owed a tax refund, then early filing will enable you to claim the refund once the return is submitted and processed.
It’s important to remember that 31 January 2024 is not just the final date for submission of the 2022-23 Self-Assessment tax return, but it’s also the final payment deadline for any remaining tax due for the 2022-23 tax year. In addition, 31 January 2024 is also the due date for the first payment on account for 2023-24.
If you have any questions about filing a tax return, please contact us.
Internet link: GOV.UK