HM Revenue and Customs (HMRC) have revealed that 4,409 people chose Christmas Day to file their 2023-24 Tax Return. In fact, 40,072 taxpayers submitted their Tax Returns over the Christmas break, proving that even amidst the festive cheer there’s always time for a little financial housekeeping!
Is your 2023-24 Tax Return still outstanding?
Filing your Tax Return as soon as you can will give you peace of mind knowing that the job is done for another year.
This will also provide an opportunity to plan for any taxes due by 31 January 2025, helping to avoid HMRC’s late payment interest, which is currently set at 7.25%. Additionally, it allows you to assess whether the tax payments on account requested by HMRC for the 2024/25 tax year are reasonable.
Your 2023-24 Tax Return will also serve as a foundation for considering tax planning ahead of 5 April 2025, with the potential for the proposals announced by Rachel Reeves on 30 October 2024 to become law this spring.
Get ahead! File your 2024-25 Tax Return now in preparation for planning later.
