Filing a Tax Return can be time consuming and stressful for everyone – especially if it’s left until December/January to complete.
Our inboxes are being bombarded with information from employers, financial institutions and rental agents – information we’ll need to complete our 2023 Tax Return …. So why delay?
There are many other reasons why we should file our annual Tax Returns earlier than we tend to do, here are just a few ….
- For peace of mind!
- If tax has been overpaid, generally speaking – it’s refunded sooner
- Cashflow – knowing what is payable on 31 July 2023 and 31 January 2024 will help with our budgeting over the next twelve months or so
- Maybe what you’ve budgeted to pay on 31 July 2023 could be lower? This might apply if you’ve carried out substantial repairs to your investment properties, realised a loss from selling unquoted shares or your business hasn’t been as lucrative in the year ended 5 April 2023?
- Having up to date Tax Return information helps support mortgage/loan applications
- There’s more time to implement tax planning strategies
- We’ll be in a better position to help you with today’s financial dilemmas
- Avoiding automatic late filing penalties and interest on late paid tax (which is currently charged at an eye watering 6.75%!)
If you know you’re going to struggle to pay your tax bill, agree a payment plan with HMRC. See https://www.gov.uk/difficulties-paying-hmrc for more information.
The easiest and most secure way to file your 2023 Tax Return is online – don’t struggle alone, call us for help on 01223 810100.
