Now that we’re well into the new tax year (and approaching the 31 July payment on account), tax returns for 2022-23 can be submitted any time now, up until the deadline. We’re strongly encouraging our clients to submit their tax returns well before the January deadline for the following reasons:
- filing now, does not mean paying tax now — the payment deadline of 31 January 2024 remains the same and many are not aware of this.
- you will find out how much you owe (if anything) in advance — knowing what you need to pay will help you make informed decisions about your finances and cashflow — it may even mean you can budget for a holiday or make an investment, or it can help you to budget and try to save money for your tax bill.
- knowing what you owe could mean you can reduce your payment on account due by 31 July 2023.
- you’ll find out sooner if you’ve paid too much tax and are due a refund.
- you can avoid the chance of penalties by getting your tax return done and out of the way, meaning you can concentrate on the important things in your life.
- avoid last minute stress! — HMRC’s busiest time is January, so call wait times are longer as their services are under pressure — also, if something goes wrong or if you need support, then it means it will not be a rush to sort it out before the deadline.
- furthermore, if you have any difficulty paying your taxes, then you’ll know in advance and can set up Budget Payment Plan with HMRC.
Please get in touch for a quote if you’d like help to get your tax return done and submitted, and most importantly to get it out of the way to relieve the stress of it!