Join me as I chat through the benefits of filing your tax return now...!
Benefits of doing your tax return now
Submitting your tax return now does not mean you have to pay now — when you submit your tax return, you’ll know how much you need to pay, so you can plan your finances and cash flow better — this might mean you can book a holiday, or it may mean you have to budget to save for your tax bill.
Your tax return can be used as proof of income if you apply for a mortgage, loan, or you need to access certain benefits and schemes such as Tax-Free Childcare
You can claim a refund faster — if you’re due one!
Knowing what you owe, might mean you can reduce your payments on account if your tax bill is lower than forecast or get help if you are going to struggle to pay your tax bill.
Avoid any chance of getting a penalty for submitting your tax return late or not being able to pay the bill.
Beat the rush — HMRC’s busiest time is January so if something goes wrong and you need to contact them, you might find it hard to get through.
Peace of mind — Nobody wants to have their Christmas or New Year ruined by worrying about a tax return.
Your accountant will thank you! If you do get help from an accountant to do your return, there is the possibility that if all their clients left their returns to the last minute, they may not have the capacity to get them all submitted and it will definitely increase the stress placed on them too. For these reasons some accountants will also add an additional premium onto the cost of the work if left until December & January, making it more costly. I definitely appreciate it when my clients are keen to work with me to get their returns submitted well ahead of the 31st January!
So... what are you waiting for...?!!