Submitting your Self-Assessment tax return at the start of this tax year is a great way to manage your tax bill effectively.
The earlier you file a return, the sooner you will find out how much tax you owe.
This can help with financial planning and budgeting for the year ahead.
Early submission also means that any refunds you are owed can be paid to you sooner, thus boosting your cash flow.
You will also have more time to calculate any reliefs or allowable expenses available to you.
This could reduce the amount of tax you owe and free up crucial funds for your business.
Furthermore, submitting a tax return at the beginning of the year provides you with proof of income, which can otherwise be difficult to obtain for those who are self-employed.
Having this proof of income is crucial if you need to apply for a mortgage, claim benefits, or open a savings account.
Finally, leaving your tax return to the last minute can lead to panic, errors, and late submissions that result in penalties from HM Revenue & Customs (HMRC).
This was the case for the more than one million taxpayers who missed the 31 January 2025 deadline this year.
Submitting your tax return at the beginning of the tax year gets it done and out the way, giving you peace of mind and enabling you to focus on other business and financial matters.
Need help submitting your tax return? Contact our experts today.
