Though we are just over half way through the year and the deadline of 31st January for Self Assessments seems a long way off, there are advantages to submitting it early.
We know running your own business is busy any time of year. By getting your Self Assessment out of the way it enables you to:
- Potentially pay less tax – you are more likely to remember what you have spent regarding business expenses and to find relevant receipts/invoices. This in turn could reduce the amount of tax you need to pay.
- Budget
- Filing your tax return early will mean you know how much you owe and thereby give you time to budget for the payment that is due on 31st January.
- If you are due a repayment from HMRC, it is more likely to be processed more quickly.
- Payments on Account – if you are required to make payments on account, them submitting your tax return may enable you to reduce your July payment on account, if your income has reduced.
- One thing off your mind – though not many like completing their tax return, once completed it is then one thing off your mind. After Christmas always seems like a good idea but is it……
If you need help with your Self Assessment then give us a call on 0113 286 4486
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