Save time and hassle - complete your Personal Tax Return early

You may normally wait until later in the year to file, but why not save time and hassle and get it out of the way early this year? Winter is a busy time for both you and HMRC due to Christmas and the 31st January filing deadline, so filing earlier will certainly save you time and stress.

Here’s why you should consider completing your personal tax return early:

• Less to worry about – with your personal tax return out of the way, you have one less annual admin task to worry about and you can focus on other things
• Understand your tax liability – filing early will mean you’ll be able to find out what tax you owe or are owed through a tax rebate, so you can plan and budget your cash flow accordingly. If you are owed a rebate, you could receive the funds quicker if you file your personal tax return earlier. This is because HMRC is not as busy during the summer months
• Organisation means fewer mistakes – the longer you wait until you file your return and the more you have to rush to complete it, the more likely it is to forget to include information or misplace paperwork. Plus there are penalties of up to 30% of the extra tax due when you make mistakes on your return due to a lack of reasonable care
• Time to seek expert advice – if you prefer to have an accountant complete your return for you or would like help with a portion of the process, you’ll have plenty of time to liaise with an accountant if you start the process early.

Choosing to have an accountant prepare your personal tax return for you can bring extra money-saving opportunities. We have an all-inclusive service that includes tips on how to legally reduce your personal tax burden as a limited company director. You can currently save over £75 off the regular fee if you choose to file your 2018/19 personal tax return with us before the end of August 2019. Contact us today to get started.

If you are up to three months late filing your personal tax return, an automatic £100 fine will apply even if you don’t owe any tax. There are further charges and penalties for being three months late in filing. If you do owe tax, there are additional charges for failing to pay your tax bill 30 days or more after the deadline of 31 January 2020, such as late payment penalties and payment interest.Paper tax returns are due at midnight on 31 October 2019 and online tax returns must be filled out and submitted by midnight on 31 January 2020. You must have been registered for a self-assessment for the 2018/19 tax year by 5 October 2019. The dates coinciding with the 2018/19 tax return are 6 April 2018 to 5 April 2019.