Taxpayers could take advantage of four key benefits when filing their tax return early, HM Revenue and Customs (HMRC) has stated.

The Self-Assessment deadline for the 2022 to 2023 tax year is 31 January 2024. Taxpayers who file early will have more control over their financial affairs and beat the January rush.

The four benefits HMRC promote are:

  • Planning: find out what you owe for the 2022 to 2023 tax year as soon as you have filed, which allows for more accurate financial planning;
  • Budgeting: spread the cost of your tax bill with weekly or monthly payments using HMRC’s Budget Payment Plan;
  • Refund: Check if you’re due a refund in the HMRC app once you’ve filed; and
  • Help: you can access a range of online guidance and information to help you file your return and get help if you are unable to pay your bill in full by the 31 January deadline. You may be able to set up a Time to Pay plan

Talk to us if you need help filling out your tax return or if you want to file early, we have considerable experience in dealing with HMRC.

Source:2020

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