Filing your tax
return as early as possible comes with several advantages. It removes the
stress of last-minute submissions, allowing you to focus entirely on running
your business. The self-assessment deadline of 31st January remains unchanged
every year, yet HMRC reported that 2.6 million people had not filed their tax
returns just two days before the deadline last year.
Missing the
deadline results in an automatic £100 fine, with additional penalties for
further delays. If your return is more than three months late, daily fines of
£10 start accumulating—leading to significant penalties you’ll want to avoid.
You can submit
your tax return as soon as April 6th, and filing early comes with a major
advantage: you don’t have to pay your tax bill immediately. The payment
deadline remains in January, giving you plenty of time to budget for what you
owe. Plus, if you’re due a tax refund, filing early ensures you receive it much
sooner—unlike those who file in January, when HMRC experiences delays due to
high demand.
With a little
organisation, you can get your paperwork sorted and your tax return submitted
well in advance—leaving you free to enjoy the festive season stress-free.
Filing correctly is crucial, as you don’t want to risk overpaying or
underpaying your taxes. Seeking professional advice can help ensure accuracy
and peace of mind.
Contact us
on www.crossaccountingservice.co.uk if
you have any concerns regarding your tax return as we are always here to help.
