Self Assessment – less than 80 days to go!
At the time of publishing, there are less than 80 days to go until the 31st January 2024 deadline for filing your Self Assessment Tax Return without incurring a penalty.
There are numerous reasons why filing your return well before the deadline is a good idea, including being able to plan for any liability, receive any refund earlier, and simply not to have to worry about it any longer!
Our Personal Tax Clients:
If you’re a Personal Tax client of ours, we will of course take care of the preparation and submission of your Return for you. If we’ve had our records already, that’s great, thank you; you have our permission to feel very pleased with yourself while reading this!
If we’re yet to receive your records to enable us to prepare your Tax Return, please send them within the next two weeks, ie to arrive with us by the 30th November 2023. If you’re unsure what we may need, you can find all of the details in this post.
We’re such a small team that we simply cannot manage to process records that come in after the 1st December. Our deadline is included in our Engagement Letters as 31st July, so we’re already well beyond that!
If you prepare and submit your own Return:
- If you’ve already sent HMRC your Return, you don’t need to do anything else other than ensure you make your payment in good time before the 31st January 2024. You can find out how to make your payment here.
- If you haven’t yet taken the plunge for this year, it really is better to get it done! Just think about getting to enjoy Christmas and New Year without having the job hanging over your head the whole time…
- If you think you are no longer required to complete a Self-Assessment return, you can ‘Check if you need to send a Self-Assessment tax return‘.
- If you no longer need to complete a Self-Assessment return, tell HMRC at ‘If you no longer need to send a tax return‘ or find more help on their YouTube channel.
- And finally, if you’ve previously been told by HMRC that you don’t need to prepare a Return, but your circumstances have changed, do check whether that change brings you back into the Self Assessment system again. If you should submit but don’t, you will still face a penalty.
As with anything Tax related, if you’re unsure on any of the above, please get in touch.
And if you’re a client who still owes us Tax Return information, we’ll look forward to hearing from you very soon please!
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