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Don’t Leave it to the Last Minute: Why Getting Your Self-Assessment Tax Return Done Early Makes Sense

The tax deadline for the 2023/24 tax year isn’t until January 31st, 2025, so you might be tempted to put off filing your self-assessment tax return. But here at HMS Accounting we urge you to resist the urge to procrastinate.  Here’s why getting your Self-Assessment done early is a smart move:

Peace of Mind:

  • Avoid the January Rush: HMRC gets swamped with submissions near the deadline. Filing early means you’ll avoid website crashes, long call wait times, and the general stress of last-minute scrambling.
  • Know What You Owe (or Are Owed): Submitting early lets you know if you owe any tax or are due a refund. This allows you to budget accordingly or plan how to handle a potential tax bill.

Financial Planning:

  • Spread Out Payments: If you owe tax, filing early gives you more time to plan and spread out your payments. You can potentially make smaller instalments throughout the year instead of a lump sum in January.
  • Claim All Your Allowances: There are various tax reliefs and allowances you might be entitled to. By gathering your paperwork early, you’ll be less likely to miss out on any deductions that could lower your tax bill.

Efficiency and Accuracy:

  • Gather Information When it’s Fresh: Waiting until the end of the year can make it harder to recall financial details. Completing your return sooner means you’ll have easier access to accurate records and receipts.
  • Time for Review: Filing early gives you and your accountant ample time to review your return thoroughly, minimising the risk of errors that could lead to delays or penalties.

Additional Benefits:

  • Identify Potential Tax Planning Opportunities: Early submission allows your accountant to analyse your return and potentially recommend strategies to reduce your tax liability in the future.
  • Focus on Growing Your Business: By getting your Self-Assessment out of the way, you’ll have more time and mental space to dedicate to running and growing your business.

We’re Here to Help.

At HMS Accounting, we understand that navigating Self-Assessment taxes can be overwhelming. Let us take the stress out of the process. We can guide you through the filing process, ensure you claim all your allowances, and work to minimise your tax burden.

Contact us today for a chat and let’s get your Self-Assessment tax return done early.

helen@hmsaccounting.co.uk

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helen

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