Less than 90 days left to file self-assessment

Taxpayers are being reminded that they have just 88 days to file and pay their self-assessment tax return.

With over 3.5 million people having already submitted their returns, HMRC is urging taxpayers to do it sooner rather than later before the deadline date.

Over 12 million people still need to complete their tax return for the 2013/24 tax year and pay any owed tax by the 31^st of January 2025.

There are a number of reasons why it’s worth filing as early as possible:

• You’re able to plan ahead. Finding out how much you owe in tax as soon as you can allows for more accurate planning, plus, it takes away the stress of finding out last minute should you not have the funds.

• It’s easier to organise spreading costs if you need to. 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.

• Quicker access to a refund. If you are due a refund then you’ll receive it sooner – this information will be available in the HMRC app once you’ve filed.
• Easier and less stressful to get help if you need it. If you need help filing your return you can access a range of online guidance and information sooner rather than later, plus, you can look at getting help if you are unable to pay your bill in full by the 31^st of January deadline. You may be able to set up a Time to Pay plan for example.

If you’re late filing your tax return then this will result in a £100 fine, which will increase after three months; there will also be further penalties and interest if payment is late.

Sign up with us today if you need some help with your tax return. If you need any further information, please give us a call on 01442 795 100, email sophie.lewis@dolanaccountancy.com. or contact us via live chat.