You do not have to wait until January to file your Self Assessment tax return – this can be filed as soon as the tax year ends, at a time that is convenient for you.
According to HM Revenue & Customs, 77,500 taxpayers submitted their tax returns on 6 April 2023.
Filing your Self Assessment return earlier has several benefits – a key one being it enables you to effectively plan ahead and consider how you will allocate money to pay your tax.
Having a clear picture of your tax liability gives peace of mind, you know your financial position and can plan accordingly, without any of the stress or rush associated with January filing.
Filing early also informs what your assumed payment on accounts will be for the subsequent tax year – you then have an opportunity to consider if these are reasonable or need adjusting.
Once you understand your tax liability, you may decide to pay in instalments. A Time to Pay arrangement can cover all outstanding amounts due to HMRC, including tax, duty, penalties, surcharges and interest.
You will have received your Self Assessment Tax Return Checklist for the tax year ending 5 April 2023 – this will help you to gather all of the required information and documentation for the preparation of your tax return.
Should you require another copy of the Checklist or have any queries, please get in touch with your usual M+A Partners contact or email firstname.lastname@example.org