Filing a tax return may be time-consuming and frustrating, particularly if you wait until the last minute to do it. Although it may be tempting to wait until later in the year to file your personal tax return. There are several advantages to doing so early. Let our tax accountants help you with your tax return and other related matter, while you enjoy your winter coffee!
You must first register online if you have never submitted a tax return. HMRC will send you a letter with your 10-digit Unique Taxpayer Reference (UTR) and an account for the self-assessment online service once you have registered online. You will get an activation code for your online account within 10 working days (21 if you are overseas). The activation code must be entered the first time you log in.
Waiting until the Christmas and New Year rush to register might cause delays. As HMRC is particularly busy in the run-up to the January 31st filing deadline.
Determine Your Tax Liability
Filing your tax return as early as possible allows you to examine any planning alternatives and claim any permitted tax reliefs.
If your tax due is less than £3,000, you can choose to have it collected through your tax code. SK Accountants and Consultants Ltd makes sure to renew your claim by July 31st each year if you receive benefits or tax credits. Our accountants also tell the Tax Credit Office of your income.
You Have Time To Prepare For Tax Liability
Filing your tax return early does not mean you will have to pay it sooner; it simply provides you more time to prepare and budget for it. You must pay any tax due by the following deadlines, if applicable:
31st of January – any tax due for the previous year (commonly known as a balancing payment) and your first account payment. Your second account payment is due on July 31st.
Get Your Tax Refund As Soon As Possible
If you owe a tax refund, filing your return early will result in your refund being processed sooner rather than later. It might help with cash flow over the summer and fall months. Refunds often take much longer to process if you wait until January, as this is one of HMRC‘s busiest times.
Due to employee layoffs, contacting HMRC might be challenging at times. But it is considerably more difficult around the tax return deadline. Avoid deferring your tax filing until December or later, just in case you need to contact the HMRC and cannot reach them. If you are owed a tax refund, you might expect a lengthier processing time if you file your return during busy periods. However, our expert accountants will make sure that you get in touch with HMRC for your refunds.
Why Should You Choose SK Accountants And Consultants Ltd For Filing Your Tax Return?
We utilize HM Revenue & Customs approved software to:
Fill out your tax return
Determine your tax obligation
File your tax return online
Work with you to determine the amounts payable and when they are due
We may analyze your self-assessment tax return to see if any tax savings can be achieved. We will see if there are any anomalies that need to be resolved before the return is submitted as part of the aforesaid service.
This procedure lowers the chances of an HMRC investigation into your tax problems. If you are having trouble keeping up with your tax payments. We can look into delaying them or negotiating a payment plan with HMRC on your behalf. We can take the anxiety out of self-assessment tax returns by providing you with a fixed, competitive charge, enabling you to focus on operating your business.