Date Published 20 May 2024
HMRC is giving new guidance to Landlords to file their Self-Assessment tax returns early. There are many benefits to doing this and figures are showing that more and more Landlords are getting earlier with filing this. The trend of submitting tax returns last minute every January is changing in the UK.
Taxpayers are able to submit their forms for the 2023/2024 year from as early as April 6th 2024, and figures have shown from the last tax year 194,000 people decided to send their returns between April and September 2023. This shows a 7% increase in tax returns compared to the same period in 2022. According to recent data from HMRC, the number of customers who opt to file their tax return on the first day of the tax year has increased by over double since 2018. In the previous year, over 77,500 individuals filed their tax returns on April 6, 2023. It is anticipated that this figure will be even greater in the current year.
Landlords are seeing many benefits to this including knowing what you owe. By filing early this means you can plan your budgeting for the year and pay your tax bill in instalments if you need to, you can also get help if you find you can't pay. This also provides you with your proof of income which you'll need for a mortgage or loan.
Also, if you have paid too much tax during 2023-2024 and are owed a refund, HMRC will let you know as soon as your tax return has been processed and arrange for any overpayment to be refunded sooner.
There are many more benefits such as peace of mind, extra support early, payment options and more.
At Adams Estates we want to make sure you can sort your taxes as smoothly as possible. On our state-of-the-art online portal, you can download statements for any account's purposes. You can find these by heading to adamsestates.net and clicking on your client login.
