Self Assessment- benefits of filing early
With almost 950,0000 online Self Assessment returns received so far this tax year, now is a great time to remind you to do the same and file your tax returns early.
Each year, thousands of people choose to file early, as soon as one tax year ends and the new one starts. We have seen a growing trend in early filers; in the last five tax years, the number of customers choosing to file on the first day of the new tax year has almost trebled from 22,885 in 2017 to 63,521 in 2021. There are some really helpful benefits to filing early and these include:
• receiving a tax refund on any overpaid tax from the 2020 to 2021 tax year sooner
• not having to pay your tax bill at the same time as filing your return, which means customers have time to plan how to pay and can use Budget payment plan to spread the cost of any tax owed.
Please do not wait to submit your Self Assessment, you can file at a time that suits you and avoid any last-minute rush to meet the deadline on 31 January 2023.