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Filing your tax return early

6 June 2024

The 2023-24 tax year ended on 5 April 2024 and the new 2024-25 tax year started on 6 April 2024. Most taxpayers will be happy to leave dealing with their 2023-24 tax returns until later this year or even until January 2025.

Transitioning Tax Years

The 2023-24 tax year concluded on 5 April 2024. The subsequent 2024-25 tax year commenced the next day, on 6 April 2024. Many taxpayers prefer to defer their 2023-24 tax returns until later in the year, or even until January 2025.


Important Dates and Deadlines

The 31 January 2025 is a significant date. It’s not only the final submission date for the 2023-24 self-assessment tax return but also the deadline for any remaining tax due for the 2023-24 tax year. Additionally, it’s the usual payment date for any Capital Gains Tax (CGT) due for the 2023-24 tax year. Please note, CGT due on the sale of a residential property must be paid within 60 days of the disposal’s completion. The 31 January 2025 also marks the first payment on account deadline for 2024-25.


Early Tax Return Preparation and Calculation

We advise early action. Calculate what payments you’ll need to make by 31 January 2025. Preparing early in the tax year doesn’t accelerate the payment date. However, it allows you to know your tax bill well before the 31 January 2025 deadline. This early preparation gives your accountant more time to prepare your tax return. It also helps you avoid last-minute rushes. If you’re due a tax refund, early filing can expedite the process.


Calculating Tax and Filing Returns

Remember, calculating your tax differs from filing the return. This strategy gives you time to set aside enough money to pay any tax due by 31 January 2025. It helps avoid last-minute surprises. If you’re due a tax repayment, filing your tax return as soon as possible is a beneficial strategy.

Source: HM Revenue & Customs Tue, 04 Jun 2024 00:00:00 +0100

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