Published in association with
by LAURA HICKS
Tax Adviser, Moore
It is a common misconception that you have to wait until January to file your tax return. A Self-Assessment tax return can be submitted from the day after the tax year ends and there are numerous benefits to submitting your tax return early.
You will know what you owe
Filing your tax return early does not mean you have to pay your tax bill immediately. You will know how much tax you owe (if any) but the payment is not due until 31 January 2025. If you cannot pay your Self-Assessment tax on time, submitting your return early means you have more time to obtain assistance from HM Revenue & Customs and negotiate longer-term “time to pay” arrangements.
Manage your cashflow
Early submission gives you the chance to pay your tax bill in instalments. This could help with cashflow throughout the year.
Say, for example, your 31 January 2025 payment is £7,000. If you submit your tax return in July 2024, you can pay £1,000 each month until 31 January 2025.
As long as the balance has been paid by 31 January 2025, there will be no late payment interest. Whereas if you submit your tax return in January 2025, you would need to make a £7,000 payment before the end of that month.
Find out sooner if you are due a refund
By submitting your return early, you can know sooner rather than later if you are due a refund from HMRC and receive it sooner.
Reduce stress
Avoiding the last-minute rush is a significant benefit of filing early. The closer you get to the deadline, the busier and more stressful the process can become. By submitting your return early, you can avoid the stress that comes with rushing to meet the deadline.
Proof of income
Filing early provides proof of income which you may need for a mortgage, remortgage, loan and any benefit claims.
If you use an accountant to file your tax return, early filing means your tax advisers can review your tax position and advise appropriately. Sound advice is based upon sound data; the sooner you can provide that data, the better.
For further advice or support filing your tax return, contact Moore Chartered Accountants on 01536 461900 or email