The clock is ticking, but fear not! This article serves as your one-stop guide to completing your personal tax return before the January 31st, 2024 deadline. Missing this date means penalties and added interest, so let’s prioritize accuracy and avoid last-minute scrambles.
Proactive Preparation is Key:
Staying ahead of the curve ensures a smooth filing process. Download our comprehensive tax return checklist to confidently tick off all the key documents and information you need.
Essential Checklist Items:
- Employment income: P45s or P60s
- P11d benefits in kind: Details of any non-cash perks received
- Pension income: State or personal plan contributions and payouts
- State benefits: Jobseeker’s allowance or any other received benefits
- Self-employment income and expenses: Detailed records of earnings and outgoings
- Bank interest: Include all non-ISA account earnings for the 2023/24 tax year
- Dividends: Dates and amounts of received dividends
- Rental income and expenses: Details of property income and associated costs
- Capital gains: Record sales of shares, property, or other assets
- Charitable donations with Gift Aid: Specify amount and eligible donations
- Pension scheme contributions: Your own and any employer contributions
- Student loan contributions: Indicate “plan 1” or “plan 2” for both you and your employer
- Child benefit (if applicable): Amount received and number of children, or cessation date if applicable
- Additional relevant financial information: Include anything impacting your finances from April 6th, 2023 to April 5th, 2024
Filing Options:
Your accountant can file your return online. Remember, this process takes up to a week, so avoid late-night dashes!
Penalty-Free Submission:
Don’t rely on HM Revenue and Customs reminders. Ensure timely payment by choosing online avenues or payslip deductions. Remember, late payments mean penalties:
- 30 days: 5% charge on unpaid tax
- 6 months: Additional 5% charge
- 12 months: Further 5% charge on outstanding tax
Need Help? We’re Here!
Our dedicated team offers expertise in personal tax returns and a range of specialist accountancy services. Don’t hesitate to reach out for support, advice, or clarity. We’re here to ensure a smooth and confident tax year completion.
Contact us today – no matter your query, we’ll promptly provide the guidance you need!
