top of page
Search
  • Catherine Stork

3 Reasons to Submit Your Tax Return Early

As we start a new tax year, many individuals and businesses find themselves putting 'complete tax return' to the bottom of the to do list. Yet when the deadline looms in January, they then face a scramble to get their tax returns submitted before the end of the month. In this blog, I hope to convince you of the numerous benefits to submitting your tax return early - and none of them are to keep your accountant happy!



Avoid Late Filing Penalties


The most obvious benefit to submitting your tax return early is avoiding late filing penalties. If you miss the January 31st deadline for submitting your tax return, you'll automatically receive a penalty of £100, regardless of whether you owe any tax or not. This penalty increases the longer you go without submitting your return, so it's best to get it done as early as possible to avoid any unnecessary fees.

Reduce Stress and Avoid Last-Minute Errors


Submitting your tax return early can also help reduce stress and avoid last-minute errors. By getting your return done well in advance of the deadline, you'll have plenty of time to review it and make any necessary corrections. This can help you avoid errors that could result in penalties or even an audit. Additionally, completing your tax return early can reduce the stress of waiting until the last minute and possibly missing the deadline altogether.

Receive Your Tax Refund Sooner


If you're entitled to a tax refund, submitting your tax return early can help you receive that refund sooner. The sooner you submit your return, the sooner HMRC can process it and issue any refunds owed to you. If you're expecting a refund, there's no reason to delay in submitting your return.

Bonus: Get Ahead of Tax Planning

Submitting your tax return early can also help you get ahead of tax planning for the following year. By completing your return early, you'll have a better understanding of your tax situation and can begin planning for the next tax year accordingly. This can help you make smarter financial decisions and possibly even reduce your tax liability for the following year. Win-win!

 

Submitting your tax return early can save you money, reduce stress, and help you plan for the future.


If you are looking for more guidance or a helping hand with your taxes, don't hesitate to get in touch with Catherine on 01423 431 889 or email catherine@bctaccountants.co.uk for your FREE consultation call. Please note: all stats are accurate for the 2023/24 tax year.

10 views0 comments

Comments


bottom of page