Beat The January Self Assessment Rush – File Your Tax Return Now

Beat The January Self Assessment Rush – File Your Tax Return Now Whatever your circumstances, it’s always best to act sooner rather than later when it comes to filing a Self Assessment tax return. Whilst you…

10 Minute Read

Updated: 09 Oct 2018

Beat The January Self Assessment Rush – File Your Tax Return Now

Whatever your circumstances, it’s always best to act sooner rather than later when it comes to filing a Self Assessment tax return. Whilst you technically have until the end of January, delaying your tax submission until the final few days is never ideal.

As you look back through all your financial paperwork, you may realise that there was far more information to deal with than you initially thought. Plus, if you run into any difficulties, you may risk missing the deadline and incurring a penalty.

So don’t get sucked into the stressful Self Assessment rush this time around. File your tax return ASAP to begin 2018 in the best possible way.

The benefits of filing your tax return early

Incomplete tax returns have a habit of lingering uncomfortably in the back of the mind. Christmas offered some welcome respite from professional stress, so the last thing you need is a return to work that sours due to the burden of your Self Assessment tax return. Get it done now and you can ease yourself back into business or employment responsibilities.

Starting today also gives you precious extra time overall, letting you work (and check) on your form in short bursts. Revisiting your Self Assessment with fresh eyes on several occasions means you’re unlikely to overlook anything and account for all your income/expenses.

By submitting your Self Assessment in the first half of January, you can get back to focusing on the future – without being forced to waste time trawling through ancient bank transactions and receipts. Adjourning your tax return until the deadline will serve as an unnecessary (and potentially problematic) distraction.

 

 

What are the risks of leaving my tax return until the last minute?

The deadline for Self Assessment completion and submission is 31 January 2018. Leave it any later, and you’ll be automatically fined. The longer you delay, the more severe the penalties may be.

Another financial risk involved in last-minute submissions is that you won’t have time to ensure you can pay your tax bill, which is due on the same date as the tax return itself. Not planning ahead can leave you in financial (and emotional) dire straits as the New Year continues.

Ultimately, filing your tax return now means everything will be submitted and accounted for several weeks before the deadline. No penalties, no pressure, no problems.

Submitting your Self Assessment with tax return software

The easiest, most effective way in which to file your Self Assessment this year is by using tax return software like SimpleTax.

Our cloud solution will automatically calculate your tax liabilities, and pinpoint any issues you might need to address in your Self Assessment tax return. It cross-references all the necessary figures to save you time and money, bypassing the need for an accountant. All the information processed is then sent directly to HMRC.

You can sample SimpleTax software completely free of charge by taking advantage of our exclusive 14-day free trial. Get started today and ensure all your future Self Assessments are simple and stress-free.

References:
https://www.tfmcentre.co.uk/article/reasons-to-file-your-self-assessment-tax-return-early

 

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