The last tax year finished a couple of months ago, which means that those of us who have to do a Self Assessment Tax Return can do it any time from now on. The ultimate deadline is 31 January, but that doesn't mean you have to do it in January! We've ploughed through a good number of client tax returns already. There are loads of benefits to doing your tax return as early as you can:
- You don't have to have it in the back of your mind, hanging over you.
- You don't have to go around searching for year-end documents nine and a half months after you received them.
- You don't have to desperately try and remember what happened the best part of two years ago.
- If you've got, tax, NI or student loan repayments to make, you know how much they'll be well in advance.
- If you're due a refund you get it sooner.
- If you're applying for a mortgage, you can get evidence of income quickly if you need it.
- Your accountant will love you and shower you with praise!
So don't think of it as a January return that you might do early. It's an April return that you're going to get on to RIGHT NOW!