We have just passed the filing deadline for the 2022-23 tax year, and any 2022-23 returns filed after 31 January 2024 will be subject to late filing penalties.
However, this post is focussed on processing your returns for 2023-24 and the message is, lets get your returns processed as soon as possible after 5 April 2024.
What could delay this process?
- Salary earners – employers have a legal obligation to let you have a form P60 (that includes all your salary, tax and NIC details, by the 31 May following the end of the tax year. And shortly after this date, details of any taxable benefits (form P11D).
- Self-employed persons should have their accounts computerised, and with our support, accounts should be available for 2023-24 during the summer period.
- Company owners/directors – again, accounts should be computerised and up-to-date, which means information regarding any dividends, benefits or salaries for 2023-24 should be available during the summer 2024.
- Investment income from bank and building society deposits should be sent to you by post or be available from banking apps.
- Pensions income from non-State sources should by sent to you as a P60 form.
- You should be able to calculate the amount you have received as State Pension by totting up the receipts deposited to your bank statements.
For most self-assessment taxpayers this should cover the majority of the figures that need to be declared on their tax returns. And if this data is processed before the end of July 2024, you will have advanced notice of any taxes payable January and July 2025 in good time to consider how you will fund the payments.
Sooner rather than later
Access to information is best organised so that conclusions can be drawn well in advance of any filing or decision making deadlines. In which case, aim to have a comprehensive draft of your 2023-24 self-assessment tax return before August 2024. In this way there may still be time to consider any residual planning options and you will have six months to consider how you will fund any 31 January 2025 tax payments.
Source: New feed
