May 16, 2024 11:00 am

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Nikka Sulton

HMRC is advising landlords to take proactive steps by submitting their Self Assessment tax returns well before the deadline, emphasizing the advantageous outcomes associated with early filing. By heeding this advice and acting promptly, landlords stand to gain several benefits. 

According to HMRC, filing early not only ensures compliance with regulatory requirements but also facilitates smoother processing of returns, reducing the risk of last-minute rush and potential errors. Additionally, early submission allows landlords to better manage their finances by providing a clearer picture of their tax liabilities and enabling them to plan accordingly.

Furthermore, HMRC underscores the importance of adhering to these guidelines, highlighting the potential consequences of delayed or late submissions. By proactively fulfilling their tax obligations, landlords can avoid unnecessary penalties and disruptions to their financial affairs. 

In light of these considerations, HMRC urges landlords to prioritize the timely submission of their Self Assessment tax returns, thereby promoting efficiency, compliance, and financial stability.

There’s a noticeable shift in the UK as more individuals opt to file their Self Assessment tax returns early, diverging from the tradition of last-minute submissions typically seen in January.

HMRC has observed this emerging trend, noting a significant rise in early filings during the last tax year. Figures indicate that 194,000 individuals chose to submit their returns between April and September 2023, marking a seven per cent increase compared to the same period in 2022.

Taxpayers now have the opportunity to submit their Self Assessment tax return forms for the 2023/24 tax year starting from 6 April 2024, the commencement of the new tax year.

HMRC has disclosed a notable increase in the number of individuals filing their tax returns on the first day of the tax year, surpassing double the figures recorded in 2018.

In the previous year, over 77,500 individuals submitted their tax returns on 6 April 2023, with expectations of even higher numbers this year.

Many individuals have been capitalizing on the financial advantages associated with early tax return submissions.


Here are the benefits of filing tax returns early:


Peace of Mind

Some individuals opt to file their taxes early for the sake of peace of mind, avoiding the stress associated with last-minute filing.


Know What You Owe

Early filing ensures you have a clear understanding of your tax obligations, enabling you to plan your budget accordingly. If necessary, you can arrange to pay your tax bill in instalments or seek assistance if you’re unable to meet the full payment.


Get Refunded Quicker

Filing early also allows you to discover sooner if you’ve overpaid taxes during the 2023-2024 period and are eligible for a refund. HMRC notifies you promptly once your tax return has been processed, facilitating quicker refunds for any overpayments.


Get the Support You Need

Our digital services offer quick and easy online solutions, consistently rated highly for customer satisfaction. For those requiring additional assistance, our helpline and webchat advisors are available to provide support.


Proof of Income

Filing your taxes early ensures you have proof of income, essential for mortgage applications, loans, or benefit claims.


Plan Ahead

Opting for early tax return filing doesn’t necessitate early payment to HMRC. The deadline for payment remains unchanged at 31 January. You have the flexibility to pay your tax bill earlier for your convenience, but it’s entirely optional. Early filing provides insight into your tax bill, aiding in financial planning.


Budget Plan

HMRC provides a Budget Payment Plan service, allowing customers to determine the amount and frequency of payments via Direct Debit, empowering them to manage their bills efficiently.


Payment Options

Filing your taxes early gives you extra time to explore payment alternatives if you’re unable to settle the full amount by the deadline. HMRC is committed to assisting customers in exploring these options, such as setting up instalment payments through a Time to Pay arrangement, which many customers can arrange online. Learn more: If you cannot pay your tax bill on time: Pay what you owe in instalments (Time to Pay) – GOV.UK.


Payment via Tax Code

The deadline for filing your completed 2023 to 2024 tax return online and paying any outstanding tax is 31 January 2025. Filing before the end of December may allow eligible individuals to settle any owed amount through their PAYE tax code.

The most convenient method to complete your tax return is online, using HMRC online services. Over 97 per cent of individuals choose this option for its speed and security: File your Self Assessment tax return online.

Learn More About HMRC Online Services

Ensure the security of your HMRC online account by keeping your username and password confidential.

HMRC’s online services provide easy management of your tax affairs. Here are tasks you can accomplish online:

  1. Submit or modify your tax return
  2. Pay your tax bill
  3. View your account balance, upcoming balance, payments, credits, and print your tax calculation
  4. Claim a tax refund
  5. Review your details, including your Unique Taxpayer Reference, employment, and income history
  6. Report a change of address or name
  7. Arrange a time to pay
  8. Set up a Budget Payment Plan
  9. Access previous tax returns
  10. Appeal a Self-Assessment penalty
  11. Explain why you believe you no longer need to file a tax return

You have the option to authorize a relative, friend, or accredited accountant to complete and submit your tax return to HMRC on your behalf. If you opt for this method, you must inform HMRC accordingly. Learn more about how to receive assistance with Self Assessment tax returns.


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