Being a tax return early bird will mean you avoid spending the festive period immersed in tax. There are several advantages to filing early and here, we take a look at these and Self-assessment tax return advice, UK tax refunds and more.
If you didn’t file your Self Assessment for 2018-19 you have until the 31st January 2020 to do so to avoid a fine. The team at taxback.co.uk are on hand to answer any questions you might have. Feel free to email us, use the chat system or call our UK office Monday to Friday between 9am and 5pm.
Reasons to File Your UK Self-assessment Tax Return Early
Allows Sufficient Preparation Time
You need a ten-digit Unique Taxpayer Reference (UTR) code to begin with and your UTR can take some time to be sent to you. Hence starting early means you give yourself time. You will also need to set up your Government Online Gateway account.
Eases your Cash Flow
Filing your self-assessment early will give you more notice on the tax due. This will help you plan to ease your cash flow by making provisions and adjusting your finances. You can pay attention to Self-assessment tax advice, Uk tax rebates and other issues.
Allows Tax Planning Consideration
If you leave your self-assessment to the last minute, you won’t have enough time to review the wide range of reliefs or exemptions available. Early birds can check out the tax planning opportunities. Or discuss these with their tax advisor along with Self-assessment tax advice, Uk tax rebates
Speeds Up Tax Refunds (but Not Tax Bills)
Filing early may enable you to access tax refunds sooner without the worry of tax payments coming any sooner. The tax payment dates will remain the same regardless of when you file. This creates more cash flow advantages.
Related Post: How Do You Claim UK Tax Back?
Mistakes and errors in your tax return can attract penalty fines as well as attention from the taxman. A tax investigation can be a drawn out and stressful process. Giving yourself plenty of time means you will not need to rush, can pull together all your receipts and can contact a professional for advice if you have any queries.
Avoids Late Filing Fines
Leaving your filing until the last minute puts you at risk of missing the deadline. Penalty fines for late filing can range from £100 to 100% of your tax bill. So make sure you allow sufficient preparation time.