There are lots of reasons why you may have to complete a Self Assessment tax return.  For example, if you are self-employed, a company director or have high earnings.  The HMRC uses Self Assessment as a method of collecting Income Tax.

If you file your Self Assessment online, then the next deadline you need to be aware of is 31 January 2017.  If you didn’t send an online return last year, allow extra time (up to 20 working days) as you’ll need to register first.

Most accountants are very busy from 1^st November through to 31 January because they are focusing on making sure all their client's tax returns are completed on time.  We at Watson Knipe usually find that we have more work than usual but generally we try to prompt our clients to send us their paperwork early so we can get everything done early.

Here are 3 reasons why we think you should submit your tax return early:

1. We can process all the paperwork and run through the figures with you in advance of the deadline.  If there is any information missing it gives you time to gather this together so we submit an accurate return
2. We can submit your tax return early but you don’t need to pay your tax until the normal due date, i.e. 31 January 2017 and the additional payment deadline of 31 July if you make advance payments towards your bill. It will also help you plan your cash flow so you have enough money set aside to pay your tax.
3. By submitting your tax return early, you increase the chance of getting any tax refunds back quicker than if you wait until the deadline date.

If these three reasons are enough to convince you, then think about how great it will feel to have time off with your family over Christmas and not be worrying about pulling together paperwork for your tax return.  Last year HMRC reported that 10.39 million Self-Assessment tax returns were completed before the 31 January deadline.  This was 92% of the total returns expected. 

So don’t be in the last 8% that wait until the last minute, contact us now and let’s get the ball rolling.  Call us on 01623 490 120 or email iThis email address is being protected from spambots. You need JavaScript enabled to view it..