300,000 file tax returns in the first week
Almost 300,000 self-assessment taxpayers filed their return in the first week of the new tax year, almost 10 months ahead of the deadline.
Figures from HM Revenue and Customs (HMRC) reveal that nearly 70,000 people filed their return on April 6, the opening day of the year.
People can file their self-assessment returns for the 2023 to 2024 tax year between April 6, 2024 and January 31, 2025.
HMRC is encouraging people to do it early and not to leave it until January. By filing tax returns early, people can take their time to complete their returns – making sure the information is accurate and avoiding the stress of last-minute filing.
It can also help with budgeting and helping spread the cost of their tax bill. Taxpayers can set up a budget payment plan to make weekly or monthly direct debit payments towards their next bill.
Refunds of overpaid tax will be paid as soon as the return has been processed. Customers can also check if they are due a refund in the HMRC app.
Myrtle Lloyd, HMRC’s director general for customer services, said: “Filing your self-assessment early means people can spend more time growing their business and doing the things they love, rather than worrying about their tax return.”
People may need to complete a tax return for the 2023-2024 tax year and pay any tax owed if:
• they are a self-employed individual with an income over £1,000
• they have received any untaxed income over £2,500
• they are renting out one or more properties
• they claim Child Benefit and they or their partner have an income above £50,000
• they are a partner in a partnership
• their taxable income earned from savings and investments is more than the £10,000 personal savings allowance
• their taxable income earned from dividends is more than £10,000
• they have paid Capital Gains Tax on assets that were sold for a profit above the Capital Gains threshold
Pensioners are required to pay Income Tax on any taxable income, including their pension income, above their personal allowance threshold.
It is also important that people let HMRC know if there are any changes in details or circumstances such as a new address or name, or if they are no longer self-employed or their business has closed.
• To discuss any issues relating to your tax please contact me on 01772 430000.
