There are reasons why getting your tax return done early makes good sense. Firstly, you know where you are in terms of how much you owe. Secondly, you have more time over which to spread the costs of your tax bill. And, thirdly, you know it’s done and dusted and don’t have to be worrying about it over Christmas!
HMRC have seen a growing trend in customers submitting their Self Assessment returns early. In fact, in the last five years the number of tax payers choosing to file their return on the first day of the tax year has almost doubled.
Tips for getting your tax return done early
If you’re not already but would like to be one of those getting your tax return done early here are a few tips to help.
Do it online
The deadline for paper returns is October 31st and if you are reading this in January the only way to do it is now online. This is not something for you to worry about and filling in a paper return can take a lot longer anyway. It can also be more labour intensive. Doing it online is usually quicker and, often, more efficient.
Make sure you have all your paperwork ready and in order. You will need documents such as bank and credit card statements, chequebooks, paying-in books and invoices and receipts.
Get support from a Licensed Accountant
If you are not confident about preparing and submitting your self assessment tax return or don’t have the time, getting a licensed accountant to do it for you can actually save you money. It can free up your valuable time which you can use to concentrate on your business. You can also benefit by knowing it has been done correctly and on time. Mistakes can be costly. As can missing the deadline.