Recent data from HM Revenue and Customs (HMRC) reveals a significant trend – an increasing number of UK taxpayers are filing their Self-Assessment tax returns within the first week of the new tax year.

In fact, the number of early filers has surged by nearly 100,000 since 2018.

Why early filing is a game-changer

  • Financial clarity – Knowing your tax obligations early gives you the upper hand in financial planning.
  • Swift refunds – If you’re due a refund, why wait? File early and get your money back sooner.
  • Ease of mind – Completing your tax return ahead of time eliminates the stress of looming deadlines.

Mark Your calendars

Remember, the deadlines for the 2022-2023 tax year are:

  • Paper returns – 31 October 2023
  • Online returns – 31 January 2024

If you think you no longer need to complete a Self-Assessment tax return for the 2022-2023 tax year, inform HMRC before the 31 January 2024 deadline to avoid penalties.

If you fail to submit your tax return or pay your tax bill by the deadline, you’ll incur a penalty.

An immediate fine of £100 applies if your tax return is delayed by up to three months. Additional charges will be applied if the delay exceeds this period or if your tax payment is overdue.

Interest will also accrue on any late payments.

To gauge the potential penalties for tax returns that are more than three months late, as well as for late payments, you can use various online calculators designed for Self-Assessment.

If you believe you have a valid reason for the delay, you can file an appeal against the penalty.

Always keep your personal details updated with HMRC. This includes changes like a new address, name, or changes in your employment status.

Be vigilant against scams. Never share your HMRC login details with anyone, including tax agents.

Filing Self-Assessment returns early is always a positive, giving you peace of mind and the comfort that you won’t be liable for any penalties.

With the deadline for paper returns getting closer and the online deadline not far away either, contact our professional tax advisers for assistance with filing your Self-Assessment returns.

Posted in Blog, Blogs, Business, Finance, Self Assessment, SMEs, Tax.