The best time to submit your Self Assessment tax return
The best time to submit your Self Assessment tax return is now, according to HMRC.
HMRC has recently revealed that the number of Self Assessment customers who choose to file their tax return on the first day of the tax year (6 April 2023) has more than doubled since 2018, with 77,500 customers submitting their tax return for the 2022 to 2023 tax year on 6 April 2023, compared to almost 37,000 customers on 6 April 2018 for the 2017 to 2018 tax year.
To find out more about why they are doing this, you can see the HMRC guide here which details the benefits of submitting your 2022 to 2023 tax return early.
7 benefits of filing your 2022-23 tax return before November
- Submitting your tax return early doesn’t mean you pay now, the deadline for payment is still 31 January 2024. When you submit your tax return you’ll know how much you need to pay, so you can plan your cash flow and finances. This might mean you can book a holiday, make an investment or it may mean you have to save for your tax bill.
- Beat the rush – HMRC busiest time of year is January so if something goes wrong or you need to check something, then you might find it hard to get through. Give yourself time and do it now to avoid the last minute rush and stress.
- Your tax return provides proof of income which you’ll need if you’re applying for a mortgage, loan or need to access certain benefits and schemes such as Tax-Free Childcare.
- You may be able to reduce your Self Assessment payment on account by knowing how much tax you owe
- Peace of mind – get your tax return out of the way so you can get on with the important things in your life.
- Once your tax return is in, you can claim a refund faster (if you’re due one).
- Avoid any chance of getting a penalty for submitting your tax return late by doing it early.
Please remember to log in as a member to download any documents.
Not yet a member? Please join us today for instant access and support.