When did the new tax year start
The 2023-24 tax year ended on 5th April 2024 and the new 2024-25 tax year started on 6th April 2024. Most taxpayers will be happy to leave dealing with their 2023-24 self-assessment tax returns until later this year or even until January 2025.
What is the deadline for submitting your self-assessment tax return for 2023/24
The 31st January 2025 is not just the final date for submission of the 2023-24 self-assessment tax return but also an important date for payment of tax due. This is the final payment deadline for any remaining tax due for the 2023-24 tax year. In addition, the 31st January 2025 is also the usual payment date for any Capital Gains Tax due in relation to the 2023-24 tax year, and please note, any CGT due on the sale of a residential property needs to be paid within 60 days from the completion of the disposal. The 31st January 2025 is also the first payment on account deadline for 2024-25.
When should I submit my self-assessment tax return
We recommend that you consider acting early and calculating what payments you will need to make by 31st January 2025. By preparing your tax return early in the tax year you have not accelerated the payment date, but you will know what your tax bill will be well before the payment deadline of 31st January 2025. Our specialist tax team will have extra time to prepare your tax return and you will avoid the eleventh-hour rush. If you are due a tax refund, this will also be processed more quickly.
Calculating your self-assessment tax return
Remember that calculating how much tax you may owe is different from filing the return. This strategy should also give you time to set aside enough money to pay any tax due by 31st January 2025 and avoid any last-minute surprises. Of course, if you are due a repayment of tax then it is a useful strategy to file your tax return as soon as possible.
Contact Us
If your unsure of when to prepare your self-assessment tax return. Contact our Specialist tax team who can help provide you a clear plan timeline on securing your self-assessment tax return is completed accurately and submitted on time.