The benefits to getting your self assessment tax return in before October 1st
Collating everything for your accountant for your self assessment tax return can be very time consuming and if, like many of us, you leave this until the last minute it also coincides with the craziness of Christmas Shopping and preparation for family and business Christmas activities.
Why not take the weight off this year and get your accountant to organise your self assessment and get your paperwork in early (I need to remember this myself). Let us explain to you the many benefits of filing early, including the ability to claim tax refunds sooner!
Benefits of getting your self assessment in early:
1. Avoid Penalties: Who wants to pay more to HMCR? One of the most important reasons to file early is to avoid late-filing penalties. If you miss the deadline for submitting your self-assessment tax return, you may be subject to penalties, which can be significant and can increase the longer you delay.
2. Spread Financial Responsibility: Know what you have to spend in Q1 each year! By completing your tax return early, you’ll have a clearer picture of your tax liability well in advance. This allows you to plan your finances and budget for any tax payments that may be due. It can be financially advantageous to spread out payments rather than scrambling to pay a large tax bill close to the deadline.
3. Claim Tax Refunds Sooner: More money in your account! f you’re owed a tax refund, filing early means you’ll receive your refund sooner. This can be especially helpful if you have immediate financial needs or if you want to invest or save the refund for other purposes.
4. Peace of Mind: You can remove it from your list every day and sleep better. No more waking at 4am with that nagging feeling that you still haven’t responded to your accountant! Completing your self-assessment early can provide peace of mind. You won’t have to worry about the approaching deadline, and you can focus on other aspects of your personal or business finances.
5. Time to Correct Errors: Filing early gives you more time to review your tax return for accuracy. If you identify any errors or discrepancies, you’ll have ample time to correct them without the pressure of a looming deadline.
6. Avoid Last-Minute Rush: We all hate that feeling when we know we should have actioned an email earlier, so don’t have that feeling this year! Filing early helps you avoid the last-minute rush, which can be stressful and increase the likelihood of errors or omissions in your return.
7. Plan Ahead: With your tax return filed early, you can plan for the upcoming tax year more effectively. You’ll have a clearer understanding of your financial situation and can make informed decisions regarding deductions, tax-efficient investments, and other financial matters.
8. Access to Tax Advisors: Luckily we can support you with tax advice too. Graham and the team can explain to you the tax free allowances that you are entitled to to make sure your tax bill takes this into account.
9. Flexible Payment Options: If you owe taxes, filing early gives you more time to explore payment options. You can set up a payment plan or explore other tax payment solutions to make the process more manageable.
10. Avoid Technical Issues: Filing early reduces the risk of encountering technical issues on the tax authority’s website or with tax software. Close to the deadline, these systems can become overloaded and less reliable.
We file self assessments for 100’s of individuals and Company Directors, we understand how busy everyone is so we have a proven system to help you get organised so we can file your assessment and allow you time to plan for payments, save for payments and get some tax advice on how you can make the most of your tax free allowances. Find out more about our self assessment service HERE
Give us a call and let us take away the pressure!
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