It’s never too early to get your 2022/2023 return submitted

Kathryn

It’s June! We are now comfortably in to the new tax year, the bluebells are out, the weather is wonderful, P60s and bank interest statements are being received, and H M Revenue & Customs are sending out notices to submit your 2022/23 Tax Return.

But, with the 31st January 2024 filing deadline still many months away, why should you worry about it now? Well, here are eight good reasons why:

  1. If you are due a repayment then you will receive this shortly after you submit your Return. No need to wait until next February, get the cash now!
  2. If you are due to make a payment on account of your 2022/23 liability by 31 July 2023 then you can identify if the predicted payment is too high and reduce it.
  3. If you pay tax through PAYE you may be able to have the 2022/23 liability due by 31 January 2024 collected through your 2024/25 PAYE code instead, so you can keep your cash for longer.  This option disappears later in the year.
  4. If you submit your Tax Return early this doesn’t mean that you have to pay your tax any earlier.  The payment will still be due by 31 January 2024 but now you will have plenty of notice of the amount due and time to plan for how the payment will be funded.  No nasty surprises further down the line!
  5. If you submit your Tax Return early this doesn’t mean that HMRC have longer to open an enquiry into your Return.  HMRC’s enquiry window is 12 months from the date of submission and not 12 months from the 31 January 2024 deadline.
  6. If you are house-hunting and applying for a mortgage then you will have up-to-date financial information to hand.  Later in the year you may find that your 2021/22 Tax Return is no longer accepted by mortgage providers as proof of income.
  7. You can avoid that nagging feeling over Christmas and that awful January rush.  Instead, relax and feel lovely and smug for the rest of the year.
  8. You will make your accountant very happy, as well as putting yourself right at the top of their to-do list while things are still (relatively) quiet!

If you don’t love tax and preparing Tax Returns as much as I do then get in touch. I’m happy to help.

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