Submitting your tax return as soon as the new fiscal year begins may seem strange, but it has advantages. Rather than postponing your Self-Assessment tax return until January, read our guide to why filing it sooner is preferable.

How early can I submit my Self Assessment tax return?

A Self Assessment return for a specific year can be filed beginning the day after that tax year ends. As an example:

• The fiscal year 2021-22 concludes on April 5, 2022.
• From April 6, 2022, a tax return for the fiscal year 2021-22 can be filed.

Is it better to submit my tax return early?

Certainly! There are several benefits to completing your Self Assessment early in the year rather than later in the year.

Receive your tax refund sooner

If you’re expecting a tax refund (which is often the case for CIS contractors), submitting your tax return sooner means getting that money back faster.

Claim back all your allowable expenses

Making your submission earlier gives you more time to review everything properly and reduce the risk of mistakes. It also gives you a chance to claim for all those allowable expenses, and minimise that tax bill. It also means you have more time to chat to your accountant, bookkeeper, or anyone else who can help. Watch our video below for our top tax-saving tips.

Give yourself more time to prepare for Self Assessment

You’ll know exactly what you owe and will have more time to pay it over a longer period of time – which will help you plan your cash flow! Tax returns are stressful, and paying them is even more so. Getting your Self Assessment in as soon as possible can help relieve some of your anxiety and help you prepare.

If I submit my Self Assessment earlier, do I have to pay straight away?

The date you submit your Self Assessment has no bearing on the payment deadline, so just because you file your tax return earlier in the year doesn’t mean you have to pay your bill earlier as well.

Filing earlier simply allows you more time to plan for your tax bill. Which is far less inconvenient than being fined by HMRC for late payment.

Registering for Self Assessment isn’t instant

Before you can send a return, you must first register for Self Assessment. The procedure is not instant; after completing the online form, you must wait a few days for confirmation letters before completing the registration. Which is yet another reason to get everything in order as soon as possible!

What are the Self Assessment deadlines for my 2021/22 tax return?

There are slightly different deadlines for submitting your tax return depending on how you submit it. It’s important to get your return in before the deadline, as well as paying any money that you owe, in order to avoid penalties.

For any accounting tips or enquiries reach out to us here at AWOC Accounting!