As we have passed the 5 April 2023, you can now complete the personal tax return for the period 6 April 2022 to 5 April 2023.
Yes, I know, this isn’t due until 31 January 2024!
That’s ages away – plenty of time to put it off, bury your head in the sand or clean out the garage instead…..
Then have that last minute January stress.
It doesn’t have to be that way.
Here are my top reasons why you should complete your personal tax return before July.
- Even if you submit it in April you don’t have to pay the tax until 31 January! So many people say they put it off because they don’t want to pay yet. But you don’t have too!!
- Following on from that, the earlier you do it, the sooner you know the amount of tax due and the longer you have to save for it if you haven’t already.
- If you are due a refund you’ll get it quicker – some people have had a refund in as little as 10 days.
- If you are due to make a payment on account by 31 July and complete it before then you might be able to reduce your payments on account!
- Avoid late filing penalties! You wait, you put it off, you forget…… then all of a sudden it’s 1 February 2024! Uh oh.. penalties and interest are now due.
- Less mistakes are made – if you leave your tax return to 31 January then anyone can make mistakes rushing either you or your accountant.
- Your accountant will be happy!
- If you are into Christmas and New Years holidays (like me!) then you can chill and party over Christmas instead of completing your boring tax return.
Get ahead, get it done.
Get in touch if you would like support with completing your tax return.
Ask me for my FREE 22/23 Tax Return Checklist
Thank you for reading this weeks blog – Why you should complete your tax return before July.