Those who need to file their annual self-assessment tax return are being encouraged to take advantage of the benefits that come with filing sooner rather than later.
With the deadline for the 2022 to 2023 tax year being the 31st of January 2024, HMRC is reminding people of the four benefits of filing early:
- Planning: Finding out how much you owe in tax sooner rather than later allows for more accurate planning, plus, it takes away the stress of finding out last minute should you not have the funds.
- Budgeting: If you are unable to pay in one go, then you could look at spreading the cost of your tax bill with weekly or monthly payments using HMRC’s Budget Payment Plan.
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Give us a call on 01442 795 100 or email jaime.thorpe@dolanaccountancy.com.
Email Jaime- Refund: If you are due a refund then you’ll be able to receive it sooner – you can check if you’re due a refund in the HMRC app once you’ve filed.
- Help: If you need help filing your return you can access a range of online guidance and information, plus you can get help if you are unable to pay your bill in full by the 31st of January deadline. You may be able to set up a Time to Pay plan.
Myrtle Lloyd, HMRC’s Director General for Customer Services, said, “Customers who file their tax return early get to see exactly what they owe and have more time to budget, reducing the stress around Self Assessment.
“Given that January is the busiest month for HMRC’s phone lines, I urge customers to check out the tips on filing your tax return early on GOV.UK and to consider doing so themselves.”
To find out more about contracting please contact Jaime on 01442 795 100 or email jaime.thorpe@dolanaccountancy.com.