Early filing can help self-assessment clients better manage their cashflow and spread payments
Taxpayers that file self-assessment tax returns early could take advantage of four key benefits when filing their tax return early, according to HMRC.
The self-assessment deadline for the 2022/23 tax year is 31 January 2024. By then, taxpayers must have submitted their return online using their government gateway account.
However, HMRC has revealed that taxpayers are increasingly filing their tax return early to give them more control over their financial affairs. For instance, more than 77,500 taxpayers submitted their 2022/23 tax returns on 6 April 2023 – double the number compared to the previous year.
HMRC has identified four key benefits to filing early:
Customers can access a new online tool on the HMRC website to check whether they need to do a self-assessment tax return. They may need to do self-assessment if, for example, they:
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