With significant tax reforms introduced in 2024, staying informed and planning ahead is more important than ever. The deadline for filing your 2023-2024 tax return is 31 January 2025. Preparing early can help you avoid last-minute stress, errors, and potential penalties.
The Key Changes You Need to Know
- Frozen Income Tax Thresholds: More taxpayers may find themselves in higher brackets due to inflation.
- Capital Gains Tax (CGT): The annual exemption has been reduced to £3,000, significantly impacting investors.
- Corporate Tax Adjustments: Businesses face increased rates on profits exceeding £250,000, with green technology incentives providing some relief.
Why Act Early?
Many taxpayers wait until January to submit their returns, leading to unnecessary pressure and the risk of errors. By starting now, you can ensure that you take full advantage of deductions, stay compliant with new regulations, and avoid penalties.
How Rock CSP Can Help
Rock CSP offers bespoke tax advisory services tailored to your needs. From ensuring compliance to optimising your financial strategy, we’ll guide you through the complexities of the updated tax system to ensure your return is filed smoothly and accurately.
Call to Action
Don’t let the January deadline catch you out. Contact Rock CSP today to start your tax return early and stay ahead of the game.