Did you know there are now less than 100 days left before your self-assessment tax return must be completed? The deadline is 31 January 2024. We are now busy working on the tax returns for our clients and wanted to remind everyone that there are many benefits to getting these processed and submitted sooner rather than later.
1. Reduced Stress: Delaying acting can increase stress and anxiety as the deadline approaches. Completing it early eliminates this stress and gives you peace of mind, particularly over Christmas when you want to spend time with your family.
2. Avoiding Penalties: Filing your tax return early helps avoid penalties for late submission. HM Revenue and Customs (HMRC) may impose penalties if you miss the deadline. You must pay a late filing penalty of £100 if your tax return is up to 3 months late. The amount you pay increases the later you submit your tax return.
3. Early Refunds: If you are eligible for a tax refund, filing early can expedite the process and get your refund sooner. This can be particularly helpful if you have financial needs or plans.
4. Financial Planning: Knowing your tax liability early in the tax year can help with financial planning. You can budget accordingly, set aside the necessary funds, and avoid unexpected financial burdens.
5. Avoiding Last-Minute Rush: Rushing to complete your tax return at the last minute can lead to errors and omissions. Filing early gives you more time to review your information and ensure accuracy.
6. Financial Clarity: An early tax return can provide a clearer picture of your financial situation, which can be useful for making important financial decisions throughout the year.
Remember that the benefits of filing your tax return early may vary depending on your specific financial situation and personal preferences. It's generally a good practice to start early, especially if you have complex finances or multiple income sources, as it can give you ample time to gather all the necessary information and seek professional advice.
If you need help with your self-assessment tax return, especially if you are filing for the first time, contact us; we will be happy to help. You can call us on 01623 490 120 or email This email address is being protected from spambots. You need JavaScript enabled to view it.
Haidee is our Personal Tax Director and is a fully qualified tax adviser, having achieved the ATT qualification in 2006. Tax efficiency being her main concern. Specialising in taxation, Haidee provides clients with advice on personal tax, PAYE services, VAT and social security. She also provides guidance to new start-up businesses.
Call us today on01623 490120
or email info@watsonk.co.uk
When you first start a business, your focus is usually on attracting customers, generating sales and building a successful company. Few business owners spend much time thinking about how or when they will eventually leave the business.
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