5 Reasons to submit your tax return early

Many of our clients have said they used to see submitting their tax return as a dreaded chore. They used to postpone and procrastinate until the deadline was round the corner and then...PANIC! There are many reasons why it makes sense to submit it early, here are 5:

1. Get your refund quicker: If you are due a tax refund, the sooner you submit, the quicker you will receive the refund.

2. Get it out of the way before Christmas: Why head into the festive season with your tax return playing on your mind? January is one of the busiest months for accountants, so it's a good idea to finalise it before December.

3. Tax codes updated: If you owe less than £3,000 in tax and are employed, you can ask to have your tax code adjusted and the tax collected from your PAYE salary in 12 equal installments rather than paying the tax due in one lump sum by 31st January. The deadline for this is 30th December rather than 31st January.

4. Save accountancy fees: Most accountant's charge a premium for their services if you leave it to the last minute. If you are unsure if you need an accountant, the earlier you start the process, the longer you have to figure out how much support you require.

5. More time to budget for tax payments: The deadline for submitting self-assessment tax returns is the 31st January and this is also when any tax payments are due. The earlier you submit your return, the longer you have to budget and even pay the tax owed allowing you to fully focus on the current tax year.

"The best way to get something done is to begin” ~ Unknown