The Self-Assessment tax return deadline is approaching, and as we navigate through the intricacies of the tax season, it is incumbent upon us to remain vigilant and prepared.

This year, we urge UK taxpayers to take a proactive approach and submit their information to our team well ahead of the deadline final digital deadline on 31 January 2024 (or paper deadline on 31 October 2023).

Here, we highlight several compelling reasons to get started on your Self-Assessment tax return without delay:

• Avoid Penalties – Submitting your Self-Assessment tax return early will help you avoid the automatic £100 penalty imposed for late submissions. This fine escalates the longer you delay, potentially leading to substantial financial repercussions. Steer clear of unnecessary penalties by getting a head start on the process by sending the information relating to your tax return to us as soon as possible.
• Better Financial Planning – Knowing your tax liability well in advance allows for more precise financial planning. Whether you owe money to HM Revenue and Customs (HMRC) or are expecting a refund, early submission will grant you the foresight needed to manage your finances adeptly. i.e. if your return is prepared well before the due date you can plan to have funds available to pay the tax that becomes due for payment on 31 January 2024. If payment is late the current interest charged by HMRC is 7.75% per annum.
• Expert Assistance – Starting early ensures that you have ample time to seek our professional advice if needed and have adequate time to make decisions.
• Peace of Mind – There’s no denying that having a looming tax deadline can be a source of stress. Completing your Self-Assessment tax return early not only gives you peace of mind but also frees up your schedule to focus on other important aspects of your life without the nagging worry of the upcoming deadline.
• Enquiry risk – There is a general trend of HMRC enquiring into income returns that are within the last 3 months of the filing deadline as there is a greater tendency to have an incorrect return because of the large number of taxpayers leaving it to the last minute to get their returns completed.
• Smoother Process – With fewer individuals using the HMRC systems well before the deadline, you’re less likely to encounter technical glitches or delays that often occur due to the high traffic as the deadline approaches. Early submission means a smoother, faster process, helping you to avoid any untimely hiccups. Sometimes, there are issues filing tax returns online because HMRC may not accept them which means paper copies to file and they will issue late filing penalties if filed after 31 October.

Make a start

If you’re ready to dive in, ensure you have all the necessary documents at hand. These include:

• Details of your income, including P60 and P11D forms
• Records of any self-employed income
• Details of any rental income
• Information on savings and investments
• Pension and Gift Aid payments
• Details of any asset disposals

Please send these to us at the earliest opportunity so that we can help you prepare your return and submit it on time to avoid any penalties.

As the saying goes, the early bird catches the worm. Submitting your Self-Assessment tax return before the rush not only offers financial benefits but also ensures a smoother, stress-free process.

If you have any queries about the Self-Assessment process or need assistance from our team, please contact us.