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self assessment tax return
As a UK taxpayer, you have until 31 January 2025 to file your Self Assessment tax return for the 2023 to 2024 tax year and pay any tax you may owe.  
 
However, joining the nearly 300,000 taxpayers who submitted their tax return in the first week of the tax year can offer numerous benefits. By filing your tax return early, you can enjoy peace of mind and take advantage of several perks. 

Find Out About Refunds Sooner 

One of the most appealing reasons to file your tax return early is the potential to receive a refund quickly. If you're due a refund, submitting your tax return early means you'll find out sooner and expect to receive the money faster than waiting until the deadline. 

Pay in Instalments for Better Budgeting 

Submitting your tax return early doesn't mean you have to pay your tax bill immediately. You'll find out how much tax you owe (if any), but you have until 31 January 2025 to pay. This allows you to plan your budget and pay in instalments, making the process more manageable. 

Get Help if You Can't Pay Your Self Assessment Tax 

If you find yourself in a situation where you can't pay your Self Assessment tax, filing your tax return early can be beneficial. Doing so gives you more time to seek help and explore options for managing your tax debt. 

Avoid Last-Minute Stress 

Leaving your tax return until the last minute can be incredibly stressful. By filing early, you can avoid the pressure and anxiety of rushing to meet the deadline. This lets you focus on other important aspects of your life without worrying about your tax return looming over you. 

Use Your Tax Return as Proof of Income 

Your tax return can serve as proof of income for various purposes, such as applying for a mortgage, remortgage, loan, or benefit claims. Having your tax return completed early gives you the documentation you need to proceed with these applications without delay. 

Remember to Notify HMRC of Any Changes 

Keeping HMRC informed of any changes to your details or circumstances is crucial. Let HMRC know promptly whether you've moved to a new address, changed your name, stopped being self-employed, or closed your business. 

Be Vigilant Against Tax Scams 

Tax scams are prevalent and can take many forms. Some scammers may offer a rebate, while others might threaten arrest for tax evasion. If someone contacts you claiming to be from HMRC, never let yourself be rushed, especially if they demand an urgent money transfer or personal information. 
 
Remember, HMRC will never call you to threaten arrest. If you're unsure about the legitimacy of a contact, visit the HMRC scams advice page on GOV.UK for guidance. 
 
Filing your tax return early offers numerous benefits, from potential refunds and better budgeting to reduced stress and proof of income. By staying informed, keeping HMRC updated, and being cautious of tax scams, you can enjoy a smoother and more organised tax experience. 

Need help? 

If you need help with your self assessment, the AAT Qualified team at Stevenage based Hammond-Barr accountants will provide you with advice and guidance.  

Want to know more? 

You can contact Hammond-Barr accountants on 01438 281281 or via email at [email protected]
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