Do you keep ignoring your Self Assessment tax return?
Your tax liabilty won’t go away and neither will your worry. You will benefit from filing your Self Assessment early and here are 5 reasons why:
1. Plan ahead to help your cash flow
If you complete your tax return in July, you have until the 31st January 2019 to pay any tax owed. That’s six months to budget, plan and manage your cash flow. “Fail to prepare – prepare to fail”.
2. Peace of mind
Don’t lose sleep worrying about your tax bill. Ignoring it won’t make it go away. Planning ahead gives you that feeling of relief. Give yourself time to come to terms with your tax liability and allow more time to make adjustments.
3. Get quicker tax refunds
The earlier you submit your tax return, the earlier you’ll receive any tax refund because HMRC is less busy processing returns. Unlike the deadline for payments, HMRC doesn’t wait until January 31st to refund you! If you have a holiday planned, this could be extra spending money.
4. Avoid last minute stress
There’s nothing worse than panicking at the very last minute because you’ve mislaid important receipts and invoices. Not only will this add to the already stressful experience of filing your tax return, but it might also mean you’re unable to deduct allowable expenses because you can’t find the receipts. Filing early will avoid all this stress.
5. Avoid any penalties
Filing early is the chance to address any problems with your tax return and therefore avoid HMRC’s late filing penalties. With a minimum penalty of £100, you should always file your tax return even if you can’t afford to pay the tax bill.
There is another benefit for filing early – we give great early bird discounts! The best is a huge 40% discount if you submit your details to us by the 31st July 2018. It’s really simple to do (we like making things easy) – simply give us a call, or send an email and we will send a Self Assessment Questionnaire. It doesn’t matter where you are in the UK, we can handle everything remotely.
We are here to make your life easier!