Early Self Assessment Tax Returns Offers Benefits
With the deadline for self-assessment tax returns for the 2022 to 2023 tax year approaching on 31 January 2024, HM Revenue and Customs (HMRC) is encouraging taxpayers to consider filing their returns early to secure several advantages. Filing ahead of the deadline can result in more control over one’s financial situation and help avoid the rush that typically occurs in January.
HMRC has outlined four significant benefits for those who choose to file their tax returns early: Firstly, early filers can gain better insight into their tax liability for the 2022 to 2023 tax year as soon as their return is submitted, enabling more accurate financial planning. Secondly, spreading the cost of the tax bill becomes more manageable with HMRC’s Budget Payment Plan, allowing taxpayers to make weekly or monthly payments. Thirdly, the HMRC app lets individuals check for potential tax refunds promptly after filing. Lastly, early filers can access various online resources and guidance to assist with their tax return process, including the option to set up a Time to Pay plan if they are unable to pay their tax bill in full by the January 31 deadline.
Myrtle Lloyd, HMRC’s Director General for Customer Services, emphasised that early filing not only provides clarity on tax obligations but also alleviates the stress associated with self-assessments. To further streamline the process, HMRC offers an array of online tools, webinars, and support options. However, HMRC also warned against the risk of falling victim to scams and urged taxpayers to exercise caution and follow official guidance to avoid fraudulent schemes.
Want to get your self-assessment tax return done early? Look no further than Jacksons Accountants. We’re here to make the whole process smooth and stress-free. Our experienced team will guide you through the ins and outs of tax filing, ensuring you submit everything accurately and on time. We’ll help you find potential benefits and deductions, all while avoiding the last-minute rush. With Jacksons Accountants, you can enjoy the perks of filing early, like getting a clearer view of your finances and receiving personalised advice tailored to your situation. Let us assist you in simplifying the self-assessment process and making the most of your tax planning.
Further reading: HMRC Jacksons Accountants