Why you shouldn’t be putting off your tax return…
When it comes to filing your self-assessment tax return, we know that it can seem like a daunting task and be one that you may want to put on hold or leave until the last minute.
However, over the past 5 years, the amount of people who file their tax return on the first day of the new tax year has doubled, with 79,517 people filing their tax return on 6th April 2024.
Of course, if you keep track of your expenses and income throughout the year in an organised manner, it can help make filing your tax return a lot easier, and this is something we encourage. Stay on top of it, even if you simply set time aside once a week to make complete a spreadsheet of your income and outgoings, it will alleviate the stress when it comes to pulling it all together.
Filing your self-assessment tax return early can have a number of benefits:
• Less Stress: if you file your return early, the thought of having to file it later on won’t be lingering in your mind, and you will be free to focus on your business and work.
• Budget Payment Plan: If you file your return early, you will have the time to then set up a budget plan to spread the cost of your tax bill. This helps as you won’t need to scrape together the full amount you owe at the last minute, making it more manageable and less hassle.
• Quicker repayments: Sometimes it may be possible to overpay on tax. Therefore, if you have filed your return and paid too much tax, you will receive your refund sooner, once the return has been processed by HMRC.
• Penalties: The last thing you want is to leave it to the last minute and then realise you haven’t got all your ducks in a row, meaning it takes you longer to file your return after trying to make sense of the receipts you kept from months ago, and therefore you could possibly miss the deadline. Missing the deadline to file your return and pay any tax owed, can result in penalties, so watch out!
Therefore, if you want to get your tax return sorted and paid earlier rather than later, get in touch today and Claim Your Tax can help take the pressure off and make it straight forward and simple.
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