Ahead of the Curve: The Benefits of Completing Your Self Assessment Tax Return Early!

I know, its August and no one wants to think about a deadline that is 5 months away. But the last quarter of the year is always busy with kids going back to school, getting back into routines, Halloween, Bonfire Night and of course (dare I even mention it...) Christmas! While it might not sound like the most exciting task, getting ahead of the curve and filing your tax return well in advance can bring about a host of benefits that go beyond just avoiding the January deadline. Being proactive with your tax return can lead to a smoother financial journey and a more peaceful state of mind.

1. Reduced Stress and Avoiding the Last-Minute Rush

The January 31st deadline for submitting your Self Assessment tax return is etched into many people's minds. But why wait until the last moment to deal with something that can cause so much stress? By tackling your tax return early, you eliminate the need to rush through the process, avoiding that heart-pounding, eleventh-hour panic.

2. Better Financial Planning

Filing your tax return early provides you with a clearer understanding of your financial situation. You'll know how much tax you owe or if you're due for a refund sooner, allowing you to plan your finances accordingly. This early insight can help you manage your cash flow, set aside the necessary funds, or take advantage of potential investment opportunities.

Equally if you don't think you will be able to pay a lump sum HMRC can help by setting up a payment plan, the earlier you know how much you owe the easier it will be to get the help you need.

3. Securing Your Refund Sooner

If you're entitled to a tax refund, submitting your tax return early means you'll receive that refund sooner as well. Rather than waiting until the deadline, you can have the extra funds in your pocket well before that. This early influx of money can help you pay off debts, cover upcoming expenses, or simply provide you with a welcome financial boost. Currently refunds are taking up to 12 weeks to hit the bank... the sooner you file the sooner you get your refund (maybe even before Christmas!!)

4. Avoiding Penalties and Late Fees

Missing the tax return deadline can result in fines and penalties that accumulate over time. By completing your tax return early, you eliminate the risk of forgetting or running out of time to file. This can save you money that would otherwise be spent on unnecessary fines.

While completing your Self Assessment tax return might not be the most thrilling task, doing it early comes with a host of benefits that go beyond simply meeting the deadline. From reducing stress to, planning your finances, and avoiding penalties, the advantages of being proactive are undeniable. So why wait until the last minute? Get ahead of the curve and experience the peace of mind that comes with filing your tax return early. Your future self will thank you.

If we can help you in any way please don't hesitate to contact us on 01332 292022 or drop us a message to [email protected] we look forward to hearing from you!