The benefits of getting your tax return in early

The deadline for submitting your tax return online is 31st January 2022.

It’s always a good idea to start preparing for your tax return as soon as possible.

There are lots of benefits to getting your return in early, both for you and your business.

Here’s 5 important reasons why you could benefit.

1) Get your refunds quicker

Are you due a tax refund? By submitting your return early, you could get your refunded tax sooner and give your cashflow an end of year boost.

2) Give yourself time to save

Tax bills can be a big expense. By getting your return finalised early, you’ll understand your tax liabilities much sooner, meaning you have time to plan and save to be able to cover the cost.

3) Avoid penalty charges

HMRC may fine you if you don’t submit your return or pay your tax bill on time. Tax investigations are also more likely if you’re a late submitter or payer.

4) Apply for enhanced payment scheme

If you meet the criteria, there may be an option to apply for the enhanced payment scheme. This lets you to spread the cost of your tax bill by splitting it into 12 monthly payments.

5) Make changes

If you make a mistake on your tax return, you’ve got until 31st January the following tax year to amend it. By submitting it earlier, you’ll have longer to make those amends, if necessary.

If you’re unsure about submitting your tax return, call us on 01772 925 230 and we can help guide you.

Alternatively, fill in the form on our Contact Us page, and we’ll get back to you.