Diane studio

We have now ticked over into a new tax year and it falls to us to ensure that you are ready to prepare your 2023/24 personal tax return.

As you may already know, the filing deadline for the 2023/24 return is 31 January 2025. It is also likely you will have payments to make on 31 July 2024 and 31 January 2025.

You should already be aware of any July liability but don’t worry you will be sent a reminder of your July POA by us prior to the deadline if you have one to make.  

We will also be in touch shortly to remind you of the information you need to provide by sending you a checklist based on last year’s records.

Can I file my tax return before July?

Yes!   We would advise you file your return as soon as you can.  The benefits of this are:

  • We can assess your July payment to account to ensure you are not overpaying.
  • We can make you aware of future payments so you can forward plan your cashflow needs.
  • You are in no danger of missing the deadline and suffering a penalty.
  • You have peace of mind that this is something off your to do list.
  • If you are due a repayment of tax this can be obtained once your tax return is filed.

Even if we decide not to file your tax return, maybe you need some more time to finalise your accounts, it makes sense to provide us with the information as early as possible.  That way we can give you accurate estimates and pro-active advice when we complete the accounts.

Am I a High Net Worth Individual?

As part of the ongoing tightening of Anti-Money Laundering (AML) rules and regulations, we as your Agent are required to have on record whether you are a High Net Worth Individual.

HMRC guidance defines a High Net Worth Individual as someone with a net worth of over £10 million.  As a firm we have to keep compliant with AML regulations and also with our Professional Bodies.

Please can you therefore confirm whether or not you are a High Net Worth Individual.

If this does apply to you, we will be in touch again to request some additional information.

We look forward to working with you again this year and we are here to answer any questions you may have during the course of the year.

Late receipt of records

As usual we encourage everyone to provide their tax return information as early as they can.  As yet we have not had to charge an excess for information received in December and January, but as you can appreciate late receipt of information puts undue pressure on our team over the Christmas break and New year and we hope this isn’t something that is needed this year.

As an incentive and in addition to the first tax return submitted for this tax year which receives a bottle of champagne, we will be extending this to all tax returns submitted before the end of July, so you can celebrate being up to date in style.

To discuss any personal tax return matters please email diane.aldridge@cvag.co.uk or charlotte.parker@cvag.co.uk