Preparing the 2024 Tax Return
It’s the 6th of April 2024 and the first day of the 2024/25 tax year, which also means we can complete and file tax returns for the previous 2023/24 tax year.
So, all of you eager beaver clients can start sending us your information so we can sort things out for you.
Some clients have already emailed us information to commence work!
We will contact our clients individually to request information. Of course, if you think you are ready to provide this or have questions, please contact us, and we can discuss this with you.
In most cases, where we prepare your accounts, we will complete them and proceed to prepare your 2024 tax return.
We’ll be in touch.
Here below are just a couple of things to consider before contacting us with information:
Please let us know if your circumstances have changed, such as new sources of income, a change of address, or new contact details.
Complete your books up to the end of your accounting date. Many of our clients use XERO, which makes the process easier. However, please ask if you have any questions or need help with the reconciliations and postings.
Did you receive any benefits in kind and receive a form P11D from your employer?
Did you receive any significant sums of interest?
Did you receive any dividend income?
Did you receive any income from UK or foreign property?
Have you sold or gifted any assets, such as shares or property? You do not need to consider cars, which are exempt from CGT.
Did you receive any state pension or government benefits?
Did you receive any pension income or lump sums?
Have you made any pension contributions?
Have you made any payments to a charity under the Gift Aid Scheme?
Have you made any other payments for which tax relief may be available? For example, Enterprise Investment Scheme (EIS), Venture Capital Trusts (VCT), and interest on loans to companies.
Do you have an outstanding student loan balance?
Did you or your partner receive a total income over £50,000 and receive child benefits? If so, and your income is over £50,000, some or all of this will be repayable.
If you or your partner’s taxable income for the year is less than £12,750, £1,275 of the unused Personal Allowance can be transferred. If an election has already been made, then please let us know.
One more thing…
The second 2024 payment on account
Some taxpayers are required to pay their second 2024 payment on account in July 2024. When completing your 2023 tax return we would have written to you to let you know how much to pay.
If you are unsure if or how much to pay, please contact us. We will confirm this and also check the HMRC records to ensure that you are up to date with your liabilities.