Self-Assessment: The benefits of early filing

With the deadline for Self-Assessment looming, many sole traders will be currently putting off the inevitable. Filing a tax return towards the end of January, and as close to the deadline as possible, is the modus operandi for the majority, especially with Christmas and New Year just around the corner.

According to this report from HM Revenue & Customs (HMRC), more than 630,000 customers left filing their tax return until deadline day this year, with 20,947 of these completing and submitting their return between 11pm and 11.59pm. An estimated 2.3 million missed the deadline for the submission of their 2020/21 tax return altogether.

Filing your Self-Assessment tax return early however unlocks many more benefits as well as fewer penalties.

Enjoy Christmas and New Year – properly!

Put those worries to bed before the deadline and the festive period by filing your tax return earlier. That impending Self-Assessment can put a dampener on festivities, but with early submission you can gain the peace of mind you need so you can focus on family and celebration at the most wonderful time of year.

Take control of your finances

Beating the rush means you can file your Self-Assessment tax return on your own terms. By completing and filing your tax return on a day that suits you, you can take your time and ensure that your assessment is as accurate as it should be.

Manage your tax bill

By filing before January, you’ll have a better understanding of your tax status and an opportunity to financially plan for the year. Your Self-Assessment tax return will tell you how much you officially owe, which means you can plan your payments with time on your side.

With early filing, you’ll also avoid having to pay your tax bill at the same time as submission to ensure better control of your finances in the short and long term.

Receive your refund sooner

If you’re due a refund, you’ll get it even sooner if you submit your tax return a little earlier, especially if your rebate is under £1,000. It can take anywhere between 5 days and 8 weeks for you to receive your refund, especially at peak periods, such as the run up to Self-Assessment deadline day.

Get the help you need

With time on your hands, you’ll be able to enlist the help of an expert. Whether you’re looking for advice or would like us to complete the return on your behalf, our financial services will save you time, money and hassle.

Get in touch with our team today to find out more about how we can help ahead of the January 2023 deadline.