Benefits of Filing your Self-Assessment Tax Early---Are you ready for it?

“Never do tomorrow what you can do today. Procrastination is the thief of time” Charles Dickens

Most of the people postpone completing their self-assessment tax return until the last minute, tax returns should be treated on a high priority. We are just two months away from the new tax year, and you should boost up yourself to keep your tax affairs up-to-date.

Let us know why completing your tax return early may benefit you in several ways. Here are the benefits:

Advantages and Disadvantages of a Limited Company

1. Know your tax liability

By filing your tax return now, you will be able to:

  • Know your tax liability in advance
  • Avoid last-minute panic rush and the likelihood for HMRC interest and penalties.
  • Know your tax amount owed of up to £3,000 to be collected through your salary or pension.
  • Allow yourself to have more time to budget for payment (Filing your return earlier does not imply paying your tax earlier).

2. Obtain the repayment in your account

If there is any tax repayment due, then you can submit your return earlier and this will result in you obtaining the repayment quicker, especially as HMRC are less busy over the summer months.

Advantages and Disadvantages of a Limited Company

3. Minimizing your payments on account

You may be required to make payments subject to your income tax liability of previous year. Computing your tax liability early will give you adequate time to consider minimizing the July payment on account if your income has minimized.

4. Getting more time for tax planning

Preparing your return early gives you more time to focus on tax planning opportunities with adequate time to implement them in time for the following year.

Advantages and Disadvantages of a Limited Company

5. One task done

Most of the people do not like getting their tax return completed and may put it to one side. Filing your self-assessment tax return now gives you one less thing to worry about.

6. Don’t get stuck by the unknown

If you fail to file your self-assessment tax return until the last minute, unaware factors like disruptive weather, illness or mislaid information could bring more stress on you. Being sorted out in dealing with your tax affairs avoid the further headache of missed deadlines and interest and penalties levied by HMRC.

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Don't wait for last miniute filings, get your tax filed as early as possible.

 Benefits of Filing self assessment form

To sum up

By filing your self-assessment tax earlier you could derive advantages like:

  • Stress-free filing –by picking up errors on your submission with a relaxed state of mind instead of getting caught on filing rushed tax returns and pressure of meeting out a fast-approaching deadline.
  • More time to pay your tax bill---getting to know how much you have to pay, sooner. This way it gives you more time to keep funds aside without affecting your budget.
  • Getting your tax-refunds early---Filing early your tax returns give you chances to get refunds quickly as HMRC have fewer applications to process tax refunds more efficiently.
  • Avoid late penalties---You could easily avoid paying penalties that means you can control every pound going out unnecessary.
  • Speak to a Consultant—Consultants come to your rescue if you are new to filing your self-assessment tax or getting an advice on what documents you need to file as early.

Filing your self-assessment tax return need not be a headache for you. Let Nexa Accountants take care of all your worries in completing and filing your self-assessment tax return on your behalf with HMRC. To know more details or getting a quote, speak to our business representative on: 020 3004 9303.