Less than 100 days to get that self assessment tax return sorted!

29 October 2023

Individuals who need to complete a Self Assessment tax return have less than 100 days left to submit their return to HMRC, before the deadline on January 31st 2024.

Although some individuals leave it until the last minute, submitting your tax return ahead of the deadline allows you to determine the amount you owe and create a plan for payment before the actual due date. The tax owed from the previous tax year is due by 31^st January 2024 as well as your 1^st payment on account (if applicable).

If you are unable to make a full payment, HMRC is committed to assisting you in finding an affordable way to settle your tax debt. If your tax debt is less than £30,000, you may be eligible to establish a Time to Pay arrangement, which can be done online without the need to contact HMRC. To explore all available methods for paying your tax return, please visit ways to pay on the gov website.

If you believe that you no longer need to file a Self Assessment tax return for the 2022 to 2023 tax year, it is advisable to inform HMRC as soon as possible to avoid potential penalties.

For paper returns the deadlines are October 31, 2023, but for online returns its January 31^st 2024.

Filing your tax return online is the quickest and most straightforward method, see our guide to submitting your return via Quickbooks. For those who prefer paper filing, instructions on how to request a paper return can be found here . However, as we have previously reported, paper returns are no longer automatically issued, except in cases where online filing is not possible.

If you are looking for assistance with your bookkeeping and or perhaps some training with QuickBooks we offer bespoke packages to suit your needs. Get it touch for more information.

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Homebuyers in Stamp Duty Sprint Before April Hike

by PH186232 • 20 February 2025

With the 1st April deadline looming, its reported that 550,000 homebuyers are racing to complete purchases before stamp duty jumps back to its 2022 levels. We have read that sales awaiting completion are up 25% from last year, with an average five-month wait putting pressure on buyers to beat the deadline. Currently, first-time buyers pay no stamp duty on homes up to £425,000 when purchasing a property worth up to £625,000, but from 1 st April, that drops to £300,000. The upper limit will also fall from £625,000 to £500,000. It's not just the first-time buyers taking a hit, currently stamp duty is only owed on amounts over £250,000, however from 1 st April, only the first £125,000 will be exempt. Despite the cost increase, it looks like most buyers are still pressing ahead, with some even renegotiating offers to offset the hike. According to our research, regardless of the impending cost increases, property experts such as Rightmove are predicting the demand to stay strong; especially if interest rates continue to fall. With mortgage rates already dipping below 4%, we believe buyers remain hopeful for a more affordable market ahead.