HMRC have kindly reminded us – their online post of 23 October refers - that there are approximately 100 days (to 31 January 2025) to prepare and file a 2023-24 self-assessment (SA) tax return.
In their post they say:
“More than 3.5 million taxpayers have already beaten the clock and submitted their returns. HMRC is reminding others that starting their SA early means they are more likely to complete an accurate tax return, avoid any last-minute panic plus they will know what they owe sooner and can budget accordingly.”
Myrtle Lloyd, HMRC’s Director General for Customer Services, said:
“The countdown to the SA deadline has begun but there is still time to thoroughly prepare and file an accurate tax return by 31 January. You can access online help and support to help you file. Search ‘help with SA’ on GOV.UK to find out more.
More than 12 million people still need to file a tax return for the 2023-24 tax year and pay any tax owed by the 31 January 2025 deadline.“
HMRC has produced a series of YouTube videos to help people complete their return.
Tax Payments 31 January 2025
It is worth underlining that the 31 January 2025, as well as being the filing deadline for 2023-24 SA returns, is also the date by which you will need to pay and balance of tax owed for 2023-24 AND pay your first payment on account for 2024-25 (if any amounts are due).
In which case it does make sense to process outstanding returns asap and so maximise the time you will have to organise payment funds.
If the flip side applies, and HMRC owe you a refund for 2023-24, securing the refund quickly is advised. Otherwise, you are leaving your money in a government bank account for no good reason.