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Benefits to filing your tax return early

Filing tax return UK, Virtual accountant for women based in Telford

The deadline for submitting your tax return and paying your tax is 31st January, but should you wait until the last minute to do that? There are many benefits to filing your tax return early.



Many people don’t like numbers and thinking about their business finance isn’t their priority. Many of these people wait till the very last minute before they start looking for their receipts, wherever those may be.
Whilst I understand, the dislike of numbers and everything to do with that side of their business, I also know, that they won’t find all of their receipts and won’t remember everything they have bought. They will not be able to gather all the information, claim all of their expenses, and consequently overpay on their taxes.

There are also lots of expenses, that are disallowable, which you should know about before you file your tax return because you don't want to get into trouble and pay a fine, do you? 

Another thing to think about is an expense you can claim for working from home. We have all been spending a lot less time at work. If you are self-employed and working from your home office, don't miss out on claiming allowable expenses for working from home.

Give yourself peace of mind
If you are using accounting software and your finances are up to date, there is no reason to wait until January. You can submit your tax return early, and you will still have until 31st January to pay your tax liability. If you don’t save funds for your tax liability as you go, at least you will know how much you need. 

The last two years have been challenging and many businesses have found it very difficult to bring money in during the lockdown. If it wasn’t feasible to save up for tax regularly, knowing your tax liability early will give you the confidence to know how much money you need to save up before January.

The second payment on account is 31st July
Many businesses have to also pay the second payment on account on the 31st of July. If you file early, you will give yourself yet more notice. The beginning of the year can be quite slow for many businesses and knowing early, that you need to save up more money, will give you a head start.

Speak to an accountant
Don’t put your head in the sand, if there are issues with your finances, they need to be addressed sooner, rather than later. There is nothing worse than sleepless nights and money worries. Leaving it until the end of the year and ignoring the red flags isn’t going to bring you success.
If you need help or hate numbers, speak to your accountant. You don’t have to deal with your finances. It’s really simple nowadays. You can use accounting software such as Xero, to take pictures of your receipts, and your accountant will update you on what’s going on and how much to save up for the tax.

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