Being a tax return early bird will mean you avoid spending the festive period immersed in catching up with your business’s paperwork to be ready to file your tax return on time. There are several advantages to filing your tax return early and here in this Self-assessment tax return guide, we take a look at some of the key points to why it’s better to be organised and file your self assessment with plenty of time to spare.
Table of contents – self assessment tax filing tips
- Reasons to File Your UK Self-assessment Tax Return Early
- UK Self Assessment Tax Deadlines
- Filing your self assessment tax return early allows sufficient preparation time
- By filing your tax return early you’ll be able to better manage cash flow
- Filing your self-assessment in advance gives you more time for tax planning consideration
- Filing early helps to speed up the process of claiming a tax refund (but Not Tax Bills)
- Filing early gives you more time to avoid mistakes
- Being prepared with your self assessment help you avoid late filing penalties from HMRC
Reasons to File Your UK Self-assessment Tax Return Early
UK Self Assessment Tax Deadlines
Each year you have to submit and pay any tax owed for your self assessment tax return by the 31st of January to avoid a late fine penalty. The team at taxback.co.uk are on hand to answer any questions you might have regarding self assessment filing with HMRC. If you have any questions about self employed tax returns feel free to email us, use the chat system or call our West London based accountants in our UK office Monday to Friday between 9am and 5pm.
Filing your 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.
By filing your tax return early you’ll be able to better manage cash flow
Filing your self-assessment early will give you more notice to pay any tax that is 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.
Filing your self-assessment in advance gives you more time for 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
Related Post: Get help online filing your self assessment tax return
Filing early helps to speed up the process of claiming a tax refund (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.
Filing early gives you more time to avoid mistakes
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.
Being prepared with your self assessment help you avoid late filing penalties from HMRC
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.
If you need any assistance when it comes to filing your self assessment tax return form please contact our team of UK accountant or you can complete our online self assessment tax refund application form.