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Unfortunately, your self-assessment won’t magically do itself so it can’t be avoided by putting it off. By tackling it early instead of waiting until the last minute, you may be able to save your business a lot of time, hassle, and money.
You have more time to register
If this is the first year you’ve prepared a tax return, you’ll need to register with HMRC to be able to file your returns online. HMRC needs to provide you with an activation PIN code. They will only send out sensitive information such as UTR numbers and activation codes via post. If you leave it to the last minute, you run the risk of not getting everything in place.
The busiest time for HMRC is January if you need to speak to them. At this time, you can expect to spend a long time on hold. Try and plan to do this at a less busy time.
You’ll avoid incurring any fines
By getting your tax return done and submitted to HMRC long before January 31st, you won’t run the risk of incurring any fines for filing late.
If you’re late, interest will accrue on top of the minimum £100 penalty for missing the deadline for filing your tax return.
Your figures are more likely to be accurate
You are more at risk of making mistakes when you leave everything until the last moment. The longer you wait to tackle your tax return, the more likely you will forget to include something.
Give yourself plenty of time. You can re-submit your tax return for no additional charge if you discover errors before the deadline. So, if you file early, you still have time to make any amendments before January 31st.
Get a quick tax repayment
If you are entitled to a tax refund, you should receive this once your tax return has been submitted and processed by HMRC. It is, therefore, well worth filing your tax return early as you will receive the refund earlier. In addition, as HMRC are quieter during the summer months, you are likely to receive the repayment much quicker.
There’s time to find the right accountant
When it comes to self-assessment, there are many possible pitfalls that you may not be aware of. Unless your business is simple, it’s worth asking an accountant to help you prepare or check your tax return. They know the rules as to what you’re entitled to, and how your liabilities might be reduced.
Get in touch before it’s left to the last minute. We don’t charge for a chat and it could save you time and money.
Disclaimer: Information provided by Kidwells Accountancy on our website is for informational purposes only. It is provided in good faith but we make no guarantee of any kind regarding the accuracy, reliability, or completeness of any information on our site. We always recommend businesses seek independent legal and financial advice before working with us or acting on any information on our website.