Michael Sohor & Co is now known as Tamen Accountants. This is a name change only - we are the same dedicated team, and look forward to serving our valued clients for many years to come.
We have just passed the filing deadline for the 2022-23 tax year, and any 2022-23 returns filed after 31 January 2024 will be subject to late filing penalties.
However, this post is focussed on processing your returns for 2023-24 and the message is, lets get your returns processed as soon as possible after 5 April 2024.
What could delay this process?
For most self-assessment taxpayers this should cover the majority of the figures that need to be declared on their tax returns. And if this data is processed before the end of July 2024, you will have advanced notice of any taxes payable January and July 2025 in good time to consider how you will fund the payments.
Sooner rather than later
Access to information is best organised so that conclusions can be drawn well in advance of any filing or decision making deadlines. In which case, aim to have a comprehensive draft of your 2023-24 self-assessment tax return before August 2024. In this way there may still be time to consider any residual planning options and you will have six months to consider how you will fund any 31 January 2025 tax payments.
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