Now that we’re drawing closer to summer’s end, it’s time to start thinking about your self-assessment tax return.

While the essential deadlines are still a couple of months away, there’s no time like the present to get an early start on your paperwork.

There are many benefits of striking while the iron’s hot. So here are some reasons why you should start your self-assessment early.

Reduce stress

There’s nothing worse than the feeling of running against the clock, especially when your money is involved.

By leaving your self-assessment until the last minute, you only set yourself up for stress. Not to mention, you could end up spending the entire festive period poring over your returns instead of having quality time with your family.

The sooner you file your self-assessment tax returns, the sooner you can put up your feet.

Avoid penalties

Leaving your self-assessment by the wayside could increase your chances of being fined by HMRC. You might miss your deadline or submit a return riddled with errors in your haste — either way, the more time you give yourself to complete your self-assessment, the easier it is to stay compliant.

Missing your deadline by even one minute will land you an automatic £100 fine. This figure will increase the later your self-assessment is.

Beat the rush

If you’ve tried to get through to HMRC during self-assessment season, you’ll know the wait times can become rather frustrating, especially when you’re on a tight deadline.

By getting an early start on your return, you’ll find it much easier to get in touch with an agent who can offer you advice.

What’s more, submitting your return before the rush can result in receiving a tax refund much sooner if you’ve overpaid throughout the year. So it can pay to be punctual sometimes.

Time to prepare

If you’re self-employed, you’ll likely have a bunch of receipts and paperwork dotted around your office. Gathering all the relevant financial information and essential documents takes time, so you need to give yourself plenty of breathing space before your deadlines.

Starting your self-assessment soon will give you more time to organise your paperwork and financial data properly. You can also double-check your calculations to ensure you haven’t made any mistakes.

Plan your payments

Not knowing what’s around the corner can be daunting. Starting your self-assessment early means you can have a more informed idea of how much you owe HMRC, giving you plenty of time to plan your payments.

Having a payment schedule beforehand can allow you to save the right amount and, more importantly, not overpay your taxes.

Don’t wait around

As you can see, there are many benefits to getting an early start on your self-assessment tax return. Saving money, reducing stress, and mitigating the chance of penalties are just three key factors.

The good news is, though, you don’t have to do it alone. We’ve helped many taxpayers organise and file their self-assessments over the years, so if you need any advice, we’re just on the other end of the phone.

Get in touch to discuss filing your self-assessment early.

Subscribe To Our Newsletter

Join our mailing list to receive the latest news and updates from our team.

You have Successfully Subscribed!