Today welcomes in the official start of the HMRC Tax Year, which runs from 6 April 2023 – 5 April 2024.
This means, anything which takes place for your business from today counts in the new tax year.
And at the same time, it allows you to close off the previous year and prepare for your tax return.
HMRC is accepting 22/23 Tax Returns
You can now submit your Tax Return for the 22/23 financial year to HMRC for processing. There are a lot of benefits to get your tax return ‘out of the way’ and sorted before we progress further into the new financial year
- You’ll know exacvtly how much tax and national insurance is due. By knowing up front right now, you can plan for the next few months by relaxing knowing that you’ve completed the relevant calculations
- You can submit your return now. This then allows HMRC to complete their calculations and advise on the taxable amounts due
- If you’re due to pay tax, you then have until 31 January 2024 to pay. This allows you to spread the cost or plan ahead – knowing the bill upfront
- If you’re due a refund, you can request it earlier – and could have the money with you in just a few weeks!
Note: If you have been employed or receive other income (such as pensions), you will need to wait until your P60 has been issued from your employer / pensions provider.
If you’re a MalgraBooks Advanced or Premium member, our team will be contacting you shortly to advise that the year has ended, and to provide our team with your final figures.
Once updated on your reports, our team can then provide the final figures for you to check and once approved, we’ll issue the final return direct to HMRC.
Our system allows for indicative calculations and then you’ll be able to see the amounts of tax and national insurance due before the return is submitted.
And once gone, that’s it – you’re sorted for 22/23!
If you’re on our Essentials packages, you’ll need to complete your relevant paperwork and then prepare the final numbers to complete your own tax return
Our friendly team are here to help.