In Individuals

The deadline to complete your 2023/24 tax return is 31 January 2025 (31 October 2024 if you need to file a paper return).

There are many advantages to getting your tax return completed early:

      Some people mistakenly think that if they complete their tax return early then the tax will also be due early. This is not the case and the tax is due on the same date whether your tax return is submitted on the 6 April or the 31 January.

      If you have overpaid tax in the year ended 5 April 2024 you will be due a refund from HMRC. The sooner your tax return is completed the sooner you will receive that refund.

      Getting your tax return completed early will ensure that there are no delays in your application.

      An unexpectedly large tax bill received just before it needs paying can be stressful. If your tax return is prepared early then you will have more time to save up the money.

      Payments on account are payments made in advance towards the next year’s tax liability. The payment due 31 July 2024 is based on your tax liability from the year ended 5 April 2023. If your tax liability is lower in 2023/24 than in 2022/23 then there may be scope to reduce the payment that is due in July 2024.

      You will also have plenty of time to request any missing information from banks, investment companies etc.

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