Why should I do my self-assessment tax return early?

Firstly, if you have an accountant completing your return, providing your records early will put you in their good books and, more importantly, will allow them to prepare your tax return without being rushed. This will give your accountant plenty of time to ask questions and together you can find any missing expenses that may have been omitted from your records. Having this time ensures your tax return is complete and correct.

It's also important to consider that some accountants may charge a premium fee if you provide your records close to the tax return deadline. This is because they may need to pay overtime to their employees to complete the return in time. Completing the tax return early reduces any additional staffing costs for the accountant.

From a cash flow perspective, completing your tax return early will allow you to budget for any tax liabilities coming due. This can be especially useful for those who need to make payments on account in July and January each year.

On the other hand, if you are due a refund from HM Revenue & Customs (HMRC), once your tax return has been submitted any money you are due will be processed and repaid to you. You won’t have to wait until 31st January to receive the repayment. Therefore, if you think you are due a refund, it is better to know sooner rather than later and have the money back in your bank account.

Finally, completing your return early will ensure you are not in a position where a penalty for late submission or interest on underpaid tax could become an issue.

Want to know more reasons? Check out our article.

Need help filing your tax return?

At TaxAssist Accountants, we can help you complete your tax return early, so you know how much tax needs to be paid and by when.

We work with many self-employed individuals and business owners and we can help you too.

If you need help with your self-assessment affairs, call us today on 01423 871 870 or drop us a line using our online enquiry form.

Date published 9 Mar 2023 | Last updated 17 Apr 2024

This article is intended to inform rather than advise and is based on legislation and practice at the time. Taxpayer’s circumstances do vary and if you feel that the information provided is beneficial it is important that you contact us before implementation. If you take, or do not take action as a result of reading this article, before receiving our written endorsement, we will accept no responsibility for any financial loss incurred.