Filing your return early has benefits:
Planning
• Payments of tax owed are still due by January 31, 2025, no matter how early you submit your return.
• Provides clarity for Financial Planning strategies.
• Use your tax return as proof of income for a mortgage, remortgage, loan, and any benefit claims.
• Allows you time to collate all information required.
• Gives time if you are required to file on paper.
Budgeting
• Once you know what you owe you will be able to budget for the year
• Spread the cost of your tax bill throughout the year, request help to pay if needed..
• If you are making payments on account, any July instalment can be reduced if known profits are lower.
Refund
• You can find out if you are owed a refund and receive it sooner.
Peace of Mind
• Avoid the stress of leaving your return until the last minute.
• Filing early reduces the risk of late filing penalties.
• Allows time to register for self assessment if this is your first time.
• HMRC will be less busy the earlier you file should you need to contact them
• Avoid mistakes and allows time to make amendments
Filing your return early offers a range of benefits, by taking advantage of these you can take control of your finances through early action.
Fairway are here to help, offering tailored solutions to support your needs whether you have filed before, this is your first time filing or if you are unsure if you need to register and file a Self Assessment Tax Return.