The tax return deadline for the tax year ending April 5th 2019 is midnight on January 31st 2020. Plenty of time, you might think. However, we have good reason for urging clients to file their tax returns now, ahead of the deadline. Here are a few of the reasons why you should get it done:
Staying on top
The quicker tax returns are filed, the quicker repayments will be scheduled. This is one of the best reasons for being organised and ahead of the deadline. HMRC doesn’t wait until the deadline to process refunds so you should get your money back fairly quickly.
Also, understanding how much tax you are due to pay helps with cash flow and forward planning. Calculating your payments early and tracking your income helps for future tax returns, too.
Leaving things to the last minute increases the risk of filing your tax return late which will cost you money. There is a £100 HMRC fine for late submissions of up to three months and higher charges if you file later than this.
Many of our clients will already be up to date, their self-assessment tax return will have been filed and we will have provided details of what payments are due and on what dates. If you haven’t filed yours yet, we’re here to help so please do get in touch.