There are lots of benefits to completing your tax return as early as possible.
Over 11 million taxpayers completed their tax returns before the 31 January deadline this year. More than 700,000 left it to the very last minute and filed on deadline day! That’s a lot of panic and stress!
10 reasons to submit your tax return before January…
- The sooner you complete your tax return, the less likely you are to forget about it, avoiding the risk of a £100 late filing penalty!
- The information needed for the tax return is fresher in your mind and any paperwork is usually easier to find too!
- You have a longer period of time to budget for any tax payment due by 31 January.
- If you’re due a tax refund you’ll receive it sooner!
- If you’ve got some hefty payments on account, you may be able to reduce them if you believe that your income for the next tax year is going to be lower.
- Your accountant will love you for helping them out and getting your tax return information to them over the summer rather than the winter months – they’re always inundated in December/January with tax return work, on top of their normal ‘day job’.
- If your accountant completes your tax return for you, you may face a “last minute” additional charge if you don’t get your tax return information to them on time.
- If you ask your accountant to complete your tax return at the last minute, there’s a chance they will be too busy to complete it on time for you and you’ll then face a late filing penalty.
- You’ll get a buzz out of being super organised and knowing that the job is done for another year!
- Sit back with a Bailey’s and enjoy a stress free Christmas and New Year break without having to worry about your tax return!