Almost 300,000 taxpayers filed their Self Assessment tax return in the first week of the new tax year, according to HMRC. 

The 2023-24 tax year ended on 5 April 2024 and the window for filing your tax return for that year is from 6 April 2024 to 31 January 2025. 

It’s important to remember that the deadline date of 31 January 2025 is not just the final date for submission of the 2023-24 self-assessment tax return, but also the final payment deadline for any remaining tax due for that tax year and the first payment on account deadline for the 2024-25 tax year.

By filing your tax return early, it allows you to be prepared for the payments you need to make before January 2025 and to budget accordingly, avoiding any last minute surprises.  HMRC offers budget payment plans to help taxpayers make regular payments towards their next Self Assessment bill.

Don’t forget that if you are due a tax refund, filing your tax return as soon as possible will mean that the refund will be paid as soon as the return is processed. 

If you need advice or help to prepare a tax return, please contact us.