Taxes – Get ahead of the game

Tax preparation
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The new tax year has begun; this means we can now submit your tax return for the year ending 5 April 2023. The final deadline may seem a way off, but submitting as early as possible is always preferable, so you are aware of any tax liabilities in good time. Here’s a checklist of things you may wish to consider.

1. Details of income – Gather your income details from the previous tax year. This includes any income earned from employment, rental properties, self-employment and investments. It’s important for accurate reports to gather all relevant documentation, such as P60s and P11ds, invoices, receipts and bank statements. If you have multiple sources of non-employment income, you might consider keeping track of them throughout the year using a spreadsheet or piece of financial software.

2. Expenses & costs – In addition to income information, you should also collect any documents related to tax deductible expenditure. This can include expenses related to business or self-employment, rental income, charitable donations and pension contributions. Be sure to keep receipts and other relevant documentation to support your claims for these expenses and costs.

3. Tax changes – Burton Sweet would also recommend reviewing any changes to tax laws or regulations that may affect your tax calculations, so you can plan ahead more comprehensively. For example, the tax brackets and rates may change from year-to-year, as can the amount of allowances and credits available to taxpayers. Check out our summary of the latest tax rates and allowances here. You should also be aware of any changes related to pension contributions.

4. Personal changes – If you have experienced any changes in your personal circumstances, such as a change in marital status, the birth of a child, or purchasing of a new property, it will be useful to provide us with this information, as it may affect your tax position, or there may be potential tax planning opportunities.

It’s important to file your Tax Return on time to avoid any penalties or fines. The deadline for filing your self-assessment tax return is 31 January of the following year. To file a self-assessment return, you may wish to take a look at the list of relevant dates on our website.  If you’re filing online, you’ll need to register for an online account and obtain an activation code, so allow plenty of time to complete this process before the deadline.

If you require any guidance, our tax team can help you through the process, or complete the relevant submissions. Please contact us if you would like some assistance…

It’s never too early to think about your tax return. The last thing you want is unnecessary stress just before the deadline. Be prepared.

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