Why You Should Submit Your HMRC Self-Assessment Tax Return Early
HMRC Self-Assessment Tax Return

Why Now Is Right Time To Complete Your HMRC Self-Assessment Tax Return

The HMRC self-assessment tax return deadline may feel like months away, but it can sneak up on busy self-employed business owners.

It can pay to complete your HMRC self-assessment tax return sooner rather than later, so we have come up with a few reasons why submitting your return early is good business sense.

Check You Are Not Paying Too Much Tax

Calculating your return well in advance gives you time to get all your figures together and check your calculations. With plenty of time to seek professional assistance from an accountant if your sums do not add up. This may end up saving you hundreds if not thousands of pounds in taxes and late fees.

Avoid Last Minute Panic & Stress

The HMRC self-assessment tax deadline is a hard deadline, poor internet signal or an emergency on deadline day are not going to cut it.

Our two favourite excuses submitted to the HMRC in recent years for late returns were “My husband ran over my laptop” and “My dog ate my tax return.” These may prove the old excuses from school are not dying out, but they will not wash with the HMRC.

By getting your return in early, the 31st of January becomes just an ordinary day. Where you can smile smugly knowing you have avoided the last minute panic.

Become Less Reliant On Your Accountant 

January is a busy time for accountants and bookkeepers. Getting their attention and focus on your business can be hard. Leading to errors or at best increasing your stress levels as the deadline looms.

If your accountant is unreliable or you haven’t spoken to them in a while. Then an early submission can make things easier. However, it may pay in the long term to stop spending a fortune with them and switch to a cheaper more responsive firm.

Plan Your Post HMRC Self-Assessment Tax Return Cashflow

Worrying and procrastinating over your HRMC self-assessment tax return can lead to unneeded stress and anxiety.

Submitting your tax return before the deadline allows you to plan for how much tax you will need to pay in advance. Helping with cash-flow planning and make paying your tax bill less stressful.

Worried about your accounts or feel you are paying your accountant too much?

Give us a call on 01945 588105 to find out how we can help you do your accounts for less money and less hassle.

 

Quentin Pain

Quentin Pain is the founder of ProofMEDIA Ltd, a company specialising in helping businesses become number 1 in their industry. He is a past winner of the IAB Small Business Mentor of the Year Award and founder of multi-million pound British software company Accountz. He is the author of a number of books including a Dummies series title, and has been featured in The Sunday Times, The Independent, The Daily Express, The Financial Times, MoneyWeek, Metro, and BBC.