As of 21st January 2022, almost half the 12.2 million taxpayers who are due to file a self-assessment return for 2020-21 have yet to do so.
HM Revenue & Customs has given workers an extra month to complete their returns, but you should still try to file by the end of January if possible.
A huge incentive to do so is that interest on tax paid late is charged at 2.75%, even though no late filing penalties will apply until 28th February. Changing deadlines are not the only thing to be worried about. Our tax system is full of peculiar rules and quirks which could catch you out. Here are some to be wary of this tax season.
If you would like assistance with your tax return, please contact us here.
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As tax year end approaches, there is still time to make use of your available reliefs and allowances.
This tax year end planning checklist covers the main planning opportunities available to UK resident individuals and will hopefully help to inspire action to reduce tax for the 2023/24 tax year and to plan ahead for 2024/25.
As tax rate band thresholds are changing, understanding the impact on high rate taxpayers and the economy is crucial.
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