Plan ahead for your 2024/25 Self-Assessment Tax Return!

Reflecting on the 2023/24 tax season reveals significant insights and a strong case for filing early:

📊 Key HMRC Statistics from Self-Assessment 2023/24

• 12,026,540 Self-Assessment returns were expected to be filed
• 10,887,810 expected Self-Assessment returns were received by 31 January
• 732,498 Self-Assessment returns were filed on deadline day
• 11,205,810 (97.36%) of tax returns were filed online
• 90.53% of expected filers filed their Self-Assessment return
• Around 1.1 million of expected filers missed the deadline

🌟 Why File Early?

• Financial Planning: Early filing gives a clear picture of your tax liabilities, aiding in better financial planning.
• Avoid Penalties: Missing the 31 January deadline could mean fines. Filing early helps avoid these.
• Peace of Mind: Knowing your tax responsibilities ahead of time offers financial clarity and peace of mind.

🌐 Transform Your Tax Filing with Cloud Accounting

With cloud accounting, your records will be kept in real time:

• You’ll be able to take advantage of any tax planning opportunities before the tax year ends. 
• You’ll be able to file your tax return soon after the tax year ends. 
• You’ll know your tax liability well in advance and, therefore, will have ample opportunity to plan for this. 
• You’ll be ready for the next phase of  Making Tax Digital for Income Tax Self-Assessment (MTD ITSA). 

📢 Ready to Streamline Your Self-Assessment Filing?

Our team is on hand to help, whether you would like us to help you choose the right software and get you up and running, get you set up, or whether you would like us to take care of your finances for you!

Don’t wait until the last minute.  Seize the opportunity to file early for more time to plan, less stress and to avoid any nasty surprises.  Get ahead of your taxes and embrace the convenience of cloud accounting today!  

Contact our Digital Services Manager, Sarah Smith on 01942 292527, sarah.smith@teamjs.co.uk, or our Lead Digital Advisor, Elaine Hardy, on 01942 292542, elaine.hardy@teamjs.co.uk to smarten your tax filing experience.