Self Assessment Made Simple. Period.

Out of 11.7m tax filers in 2023,

– 600k missed the deadline,

– 800k filed taxes on the day of the deadline

– And 36k filed in the last hour

Taxpayers who have not settled their unpaid tax by 31 January 2023 have started to accrue late payment interest. Taxpayers who have difficulty paying the tax due may be able to arrange a payment plan online. Individuals who want to make regular monthly or weekly payments towards their tax bills are also able to set up a budget payment plan with HMRC online. Late payment interest will continue to apply to the balance that remains outstanding.”

“Making Tax Digital (MTD) is the first phase of the move towards a modern, digital tax service fit for the 21st century. It supports businesses through their digitalisation journey and provides a digital service that many have come to expect in their everyday lives. MTD and its extension forms a crucial building block in the government’s 10-year strategy, ‘Building a trusted, modern tax administration system’, published 21 July 2020, to make the tax system more resilient and effective, to boost business productivity, and better support taxpayers.

The Government recognises the challenges faced by many UK businesses as the country emerges from the pandemic over the last year. In recognition of this and of stakeholder feedback, we will now be introducing MTD ITSA a year later, in April 2024 instead of April 2023”

One of the biggest advantages is that if you file your tax return as early as possible you will have plenty of time to pay any tax you owe. If you can’t pay all your tax in one go you don’t even have to agree a payment plan with HMRC. Just simply start paying HMRC in instalments as long as you clear whole of your tax bill by payment date 31 Jan 2024. Just imaging the luxury of having more than 8 months to pay your tax bill if you file your return in April. You will continue to take advantage as long as you file your tax returns as early as possible.