Unlocking the Benefits: Filing Your 2023/24 Tax Return Early

While the deadline for filing your 2023/24 tax return may seem distant, there are compelling reasons to consider filing early. Let’s explore the advantages and how they can benefit you, whether you’re self-employed or employed.

For Self-Employed Taxpayers

Navigating the transition year between the current year basis and the tax year basis for 2023/24 requires careful calculation of taxable profit. Filing early allows more time to manage potential higher tax bills over the next five years and arrange instalment payments if needed.

For Employed Taxpayers

Even if you’re employed, filing early can be advantageous, especially if you have other sources of income. Filing by 30 December 2024 allows you to elect for tax collection through your PAYE code if you owe less than £3,000, providing an interest-free instalment option.

Earlier Repayments

Filing your tax return early enables quicker processing of any overpaid tax for 2023/24, leading to earlier repayments. Having the money in your bank account rather than HMRC’s offers financial flexibility and control.

Certainty and Peace of Mind

By filing early, you gain certainty about future tax bills and can organise your finances accordingly. Knowing what you owe by 31 January 2025 and 31 July 2025 (for payments on account) allows for better financial planning and the option to set up manageable instalment payments if needed.

Embrace Peace of Mind

Filing your tax return ahead of the deadline brings peace of mind, eliminating the stress of last-minute rushes and ensuring the task is checked off your ‘to-do’ list well in advance.

Expert Advice for Tax Planning

At Jon Davies Accountants, we understand the importance of timely tax planning. Contact us today for personalised advice and support to optimise your tax position and achieve financial peace of mind.

Reach out to Jon and the team to streamline your tax obligations and secure your financial future!

 

 

 

 
 
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Any questions?

If you’d like a meeting or a video call to discuss this, please get in touch with your favourite Liverpool accountant