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MoneyWeek article - October paper tax return deadline

Journalist: Marc Shoffman, Freelance

ended 03. September 2024

Hello..

I am writing a piece for MoneyWeek this morning on the October paper tax return filing deadline.

Looking for views from tax experts/financial planners on the pros/cons of getting your tax return done now? Do you still need to pay in October or can you file by paper now and pay in January? Is it better to hold on to the cash rather than letting HMRC have it too early?

What do you need to do to prepare for the October deadline and file on time?

Kind regards

Marc

2 responses from the Newspage community

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Editor
Anita Wright
Independent Financial Adviser at Ribble Wealth Management
Filing your tax return early, especially by the October paper deadline, has its advantages, such as avoiding the January rush and ensuring you're not caught off guard by any unexpected issues. However, it’s important to note that even if you file now, the tax payment isn’t due until January. This allows you to hold onto your cash and potentially benefit from interest accrual in the meantime.

With current interest rates, you can still earn a decent return, as many high-interest accounts offer around 5% per annum. If the money is held in such an account until the end of January 2025—and assuming interest rates don’t drop too quickly—this could result in extra interest earnings. This makes it potentially more advantageous to delay payment rather than settling up early with HMRC
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Chloe Moss
Director at Tunstall Accounting
I always advise my clients to prepare their personal tax returns as soon after the end of the tax year as possible so that they are aware of any upcoming liabilities well before any payments are due. Taxpayers can file their personal tax returns anytime before the 31st January deadline but are not required to make any payments before this date. If you are filing a paper tax return, ensure that you call HMRC and request an SA100 in good time for them to send this to you. Gather all of your documents in advance and consider consulting a tax professional to review your return if you are not confident in your submission. Make sure that you leave enough time to allow for postal delays and ensure that you get proof of delivery.