Twelve reasons why you should do your tax return earlier.
How was it for you? The process of submitting your 2016/17 tax return, that is…
Congratulations if you submitted in plenty of time. However…..
Did you miss the 31 Jan filing deadline (incurring a rather unwelcome late filing penalty) or squeeze it in at the last minute? Was it yet another stressful experience you’ve come to dread?
HMRC revealed recently that nearly 750,000 taxpayers failed to submit their tax returns by the 31 Jan deadline, despite it allegedly being easier than ever to complete & file. Indeed, this represents a fall from the previous tax period, when 840,000 people failed to make the 31 Jan 2017 deadline but there’s clearly work to be done.
If you’re one of the many who didn’t file your tax return on time, here’s why you should get it done earlier for 2017/18:
- There’s less likelihood of errors when you’re not preparing it in a hurry – get it right and stay off HMRC’s radar
- It’s much less stressful for you (and your accountant if you use one) if you file before the busy season
- Get it out of the way before Christmas so it’s not looming over you whilst you enjoy the festivities
- Preparing it earlier means paperwork will be easier to locate and details are fresh in your mind – this should save you significant time and ensure better accuracy
- Avoid a late filing penalty
- File early and you’ll have more time to save up if any tax is due
- You’ll receive any tax refund earlier
- More availability of resources in the quieter months, such as access to accountants and HMRC who are notoriously stretched in December and January
- You can have qualifying underpayments coded out if your tax return is filed by 30 Dec
- There’s more time to correct any errors in your current tax code
- You’ll have more time to file an amended return
- With more time to consider all available tax deductions and reliefs, you stand a better chance of reducing your taxable profits and saving more tax
If you have any queries about your tax position or are interested in optimising your tax affairs, please contact Helen Sewell or call Helen on 01527 558539. Have a look at how we can help with your tax requirements.