The UK tax system contains a vast amount of legislation that also happens to be very complicated. If it were a book it would be the longest in the world amounting to the equivalent of 60 copies of the Da Vinci code. In this case, size is not necessarily a sign of robustness either.
There’s an enormous amount of rules, reliefs, allowances, penalties, and fines to comb through. This means completing your tax return can be a potentially very intricate task. Such is the complexity of UK taxation that many people often fail to report earnings, interest on savings, and investment income accurately. Confusion over what expenses can be claimed is also very common! This can result in people filing incorrect returns, running the risk of accidental fines, or unwittingly paying more tax than they're supposed to.
For the above reasons, we need to work with you on your tax return from today. Doing so now will prevent the dreaded January rush, so common to many individuals and advisors. It will ensure sufficient time for us to apply our knowledge, and skills, to optimise your tax profile where possible. You can then have confidence that you won’t pay any more tax than is legally due, and have sufficient time to set money aside for settling your liability.
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The diagram above provides you with a timeline for what we need from you, and when, in relation to your filings and payment deadlines in the form of payment on account.
Please review carefully the table below and supply us with all the necessary information relevant to your finances by 31 July 2024. Any information we already hold will be included in your return. Of note, this is an indicative, not exhaustive, list of all the items relevant to your tax return. Simply click on the table to access a PDF version of it.
Whilst we always work with the aim of reducing your tax liability no matter how close to the 31 January cut off, the later you provide the necessary information the harder it can be to implement specific strategies.
The content of this post is up to date and relevant as at 14/05/2024.
As per our standard terms and conditions in your engagement letter, please ensure you supply all relevant information for this and all other tax years.
Please be aware that information provided in this website page is subject to regular legal and regulatory change. We recommend that you do not take any information held within our website or guides (eBooks) as a definitive guide to the law on the relevant matter being discussed. We suggest your course of action should be to seek legal or professional advice where necessary rather than relying on the content supplied by the author(s) of this blog.
