If you are owed a tax refund for the 2023/2024 tax year and complete a self assessment tax return HMRC are reminding individuals to complete their tax return so they can receive their tax refund as soon as possible.
In the first week of the new tax year HM Revenue and Customs (HMRC) has disclosed that nearly 300,000 Self Assessment customers successfully submitted their 2023/2024 tax returns.
The 6 April 2024 was the first day you could submit your 23/24 tax return and HMRC confirmed that approximately 70,000 people wasted no time and submitted on the very first day of the new tax year.
The self assessment deadline for the 23/24 tax year is the 31 January 2025 so early submissions represent a submission that is almost 10 months prior to the deadline.
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.
You too can join the thousands of customers who have already done their tax return for the 2023-24 tax year by searching ‘Self Assessment’ on GOV.UK and get started today.
Owing tax for the 2023/2024 tax year
The benefits of filing your tax return early aren’t just for those who are owed a tax rebate from HMRC.
If you owe tax through self assessment for the 23/2024 tax year submitting early let’s you take advantage of the weekly or monthly budget payment plan options HMRC make available.
Using the budget payment plan allows you to spread the cost of your 23/24 self assessment tax bill over a number of months instead of having to pay in a one off payment.
Start of the 2024/2025 tax year
The 24/2025 tax year is now underway which means if you have PAYE income you can now check your tax code and personal allowance for the 24/25 year.
Reviewing your tax code and tax free allowances at the start of the new tax year is a good idea so you can take advantage of any adjustments that can be made as early as possible.
Finding out about what tax allowances and rates affect you in 2024/2025 tax year can help you plan for tax year ahead.
