The benefits of completing your tax return early
The deadline for submitting your tax return is 31 January following the end of the tax year. While it may be tempting to procrastinate and leave it until the last minute, there are compelling reasons why completing your tax return early is crucial. In this article, we will explore the importance of early submission and the benefits it offers.
Avoid last minute stress
Completing your tax return early, alleviates the stress and anxiety that often accompany the approaching deadline. By starting the process well in advance, you have ample time to gather all the necessary documents, review your financial records and seek assistance if required. Procrastination can lead to hasty and error prone submissions, increasing the risk of mistakes or missing important information.
Plan for tax liabilities
Submitting your tax return early, enables you to ascertain your tax liabilities well in advance. By knowing the amount you owe to HM Revenue and Customs (HMRC) early on, you can plan your finances accordingly. Understanding your tax obligations early allows you to budget for the payment or explore options such as setting up a payment plan if required. This proactive approach helps avoid financial surprises and potential cash flow challenges.
If you are entitled to a tax refund submitting your tax return early, ensures that any tax due back to you is paid promptly. HMRC typically processes refunds faster for early filers, giving you access to the funds you are owed sooner. Early refunds can be especially beneficial if you have financial commitments or investments lined up, allowing you to utilise the funds more effectively.
Professional assistance availability
Tax accountants are in high demand the closer it gets towards the end of the tax year. By starting your tax return early, you have a better chance of securing the services of an accountant if you need help. Waiting until the last minute may result in limited availability or higher fees charged by accountants due to their increased workload. Seeking professional guidance early can help ensure accuracy and minimise the risk of costly errors.
Completing your tax return early brings numerous advantages. By avoiding last minute stress, planning for tax liabilities, ensuring prompt refunds and getting the right help, you can navigate the tax season with greater ease and peace of mind.
If you need help or advice on completing your tax return, please get in touch with your Swindells’ partner who will be able to advise you further
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