The Tax Return Countdown

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The Tax Return Countdown

The news that with effect from 1 January, online sales facilitators such as eBay and Air BnB will be obliged to share sales details with HMRC has hit the headlines. But January 1st also marks another important tax milestone; marking one month before tax returns for the 2022/23 year have to be filed and taxes paid.

Some individuals got a head start in 2024, with 23,724 filing their returns on New Year’s Day; adding to the nearly six and a half million who had already completed their returns. However, according to HMRC that still leaves some 5.7 million people with returns still outstanding. Those filing for the first time or who have yet to set up an online tax account shouldn’t delay as the set-up process can take a couple of weeks with HMRC sending codes through the post before returns can be filed.

Those who previously completed tax returns but believe they no longer need to do so will still need to complete a return unless they have advised HMRC of their change in circumstances and received a letter back confirming that no return is required.

With the initial penalty of £100 for late returns, as well as further penalties for delayed returns and late payment of tax, there are plenty of reasons to make the submission of tax returns one of the New Year priorities.

If you are looking for advice on investments, or if your situation has changed and you may therefore need to review your existing pensions or investments, contact Beckworth by using one of the links on our website.

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