The tax return forms for the 2016/17 season are landing on door mats all over the UK this month – no doubt producing a few groans and moans in the process! Filing self-assessment returns is rarely a fun process, and it is just a short time since the October and January returns were submitted. With many months until the returns are actually due, it can be tempting to file the request in the back of your mind. However, there are many reasons to consider filing your tax return early – and with the support of a professional accountant, the process can be quick, simple and painless.
Top reasons to file self-assessment returns early
Aside from the peace of mind that comes with having your taxes done, there are a host of practical benefits which early tax reporting can assist with. You could end up with more money in your business, more time on your hands – and create a better position from which to plan your financial future. You can also avoid those pesky fines and penalties which come from late filing!
Get tax back more quickly
If your company has overpaid tax in previous years or if you suspect you are due a personal rebate, why wait until the filing deadline for a resolution? Filing returns promptly can free up excess taxes as cash for your company.
Pay taxes via wages through the year
If you work or collect a pension along with having other financial interests, your self-assessment bill can be collected monthly through your tax code when filed early. Speak to your accountant for more details.
Gain time to resolve errors
Mistakes in tax can happen at either end of the process – but if they happen close to the deadline and cause delays, they can pick up penalties. Having plenty of time to fix returned self-assessment forms can prevent additional costs.
If you have questions relating to tax and self-assessment or if you need help with filing your returns, our accountants in Bristol are here to help. Contact us today to book an appointment.