Many of you will have received an email from HMRC recently inviting you to submit your Self Assessment tax return earlier this year. Though the online Self Assessment filing deadline is 31 January 2023 (31 October 2022 for paper submissions), there are some benefits to filing early if you are able to.
Filing your Self Assessment tax return earlier can give you peace of mind, and help you better manage your tax bills so that you don’t get a nasty surprise in January. When returns are filed early, the payment on account (POA) for the next period is more likely to be correct, providing you with more certainty over your obligations. Moreover, returns filed early (before the end of September) allow for tax liabilities less than £1,000 to be included in your tax code for the following year.
HMRC have stated that if you file early and are owed a refund, this will be processed sooner, even within a period of days! However, do bear in mind that some taxpayers will also be subject to verification checks to combat fraudulent claims, which will cause a delay in the processing of refunds.
Clearly HMRC find it helpful if returns are filed slowly and steadily during the year, rather than all at once on the deadline date, and it also helps us here at E R Grove if we don’t have to do everyone’s tax returns at the same time. Our number ninjas will be your best friends if you do decide to file early…
If you would like to file your Self-Assessment tax return early this year, please let us have your tax return information as soon as possible.
