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When Is the Deadline to Submit you’re 2023-24 Self-Assessment Tax Return

Get ready for your year ahead with the 2023/24 Self-Assessment Tax Return checklist. Some of the benefits that come along with filing early include; theft deterrence, faster refund, improved financial forecasting, and stress free advice from accountants. Opens on 6th April 2024, with on paper submissions due on 31st October and on-line submissions due on 31 January. Find out why it is wise to file early!<br>https://brushmable.com/

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When Is the Deadline to Submit you’re 2023-24 Self-Assessment Tax Return

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  1. When Is the Deadline to Submit you’re 2023/24 Self-Assessment Tax Return? Filing your tax return as soon as the new tax year begins might sound a bit unusual, but it actually comes with some great benefits. Instead of waiting until January to complete your Self-Assessment tax return, check out our guide to learn why getting it done early can work in your favor. When Can You Start Filing Your Self-Assessment Tax Return? You can file your tax return as soon as the tax year officially ends. Here’s a simple breakdown: The 2023/24 tax year wraps up on 5th April 2024. You can start filing your return for that tax year from 6th April 2024. Why File Your Tax Return Early? Submitting your Self-Assessment ahead of time offers several advantages:   Get Your Tax Refund Sooner:If you’re owed a refund—common for CIS subcontractors— filing early means you’ll receive that money faster. 

  2. Maximize Your Allowable Expenses: Early submission gives you more time to carefully review your finances, ensuring all eligible expenses are included to lower your tax bill. More Time for Expert Advice: Submitting your return early gives you the chance to consult with an accountant without the stress of looming deadlines. More Time to Prepare for Payments Filing early also helps you understand exactly how much you owe, giving you extra time to manage payments and plan your cash flow. Let’s face it—tax returns can be stressful, especially if your bill is over £1,000 and requires Payments on Account. Filing sooner can reduce stress and help you plan for any payments well in advance.   Don’t Forget to Register for Self-Assessment If you’re new to Self-Assessment, keep in mind that registering takes time. After completing the online registration form, you’ll need to wait a few days for confirmation letters and to finalize your setup. Yet another reason to start early! By filing early, you’ll enjoy peace of mind and take control of your finances well before the deadline hits. Why wait? Start planning today! Does Filing Early Mean I Have to Pay Immediately? Submitting your Self-Assessment early doesn’t change the payment deadline. You won’t need to pay your bill any sooner unless you choose to do so. Filing early simply gives you more time to budget and plan for your payment, helping you avoid the stress and penalties associated with late payments to HMRC.

  3. What Are the Deadlines for Filing Your 2023/24 Self-Assessment Tax Return? The filing deadlines depend on how you choose to submit your return: Paper Tax Returns: The deadline is 31st October 2024. Online Tax Returns: You have until 31st January 2025 to file. Make sure to submit your return and pay any tax owed by the deadline to avoid late penalties.   Can I Amend My Tax Return After Submission? Yes, you can make changes to your tax return if needed. However, the process depends on whether the submission deadline has passed. For detailed guidance, be sure to check out our blog on how to amend your tax return.

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