Why it pays to file your self-assessment tax return early

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Why it pays to file your self-assessment tax return early

The self-assessment deadline may be many months away but there are good reasons why we urge our clients to file their tax returns nice and early.

Repayments

Completing your tax return early means that if you are due any repayments you will receive them in good time too. HMRC won’t wait until after the deadline to process refunds and, as this is a less busy time of year for them, they usually pay any money you are owed fairly quickly.

Knowing your position

Once the tax year has ended, it is never too early to file your self-assessment tax return. The sooner you submit your self-assessment data for processing, the sooner you will know exactly how much tax is due to be paid. This can really help with forward planning and cash flow. There is no disadvantage to calculating your tax payments early. Even if you file your self-assessment tax return now, your tax will not be due until 31st January 2020. The money doesn’t have to be paid any sooner and you will have a much clearer picture of your finances which should make budgeting and planning easier.

We’re here to help

We can prepare everything and work out your calculations for you so that you know just where you stand and how much you owe. If you are due a refund, we can make sure this is applied for so that the money can be returned to your bank instead of sitting in HMRC’s account.

To discuss your self-assessment tax return with us give us a call on 01423 222710

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