4 reasons to submit your Self Assessment tax return early
Did you know that you can submit your Self Assessment tax return as soon as the tax year ends? Instead of leaving it until the last minute, here’s why you should submit your return early.
1. Less last minute stress
Self Assessment season in January is notoriously stressful. By submitting your tax return way ahead of time, you won’t be feeling pressured by a fast approaching deadline. Without the need to rush, you can get your tax return done and get back to running your business.
2. You won’t wait to pay tax
When you put off your tax return submission, you also put off paying your taxes. It’s a good idea to get this sorted as soon as possible so you have an accurate idea of how much money you have to work with for the rest of the year.
It’s always a good idea to plan ahead and set money aside for your bill, but if you haven’t then doing an early submission is the next best thing. You will know how much tax you owe, and have until 31 January to pay the bill, giving you enough time to budget for this.
3. No late penalties
Submitting your Self Assessment tax return after the deadline will result in a penalty. You’ll pay £100 if your tax return is up to 3 months late. If it’s submitted later, or your tax bill is paid late, the penalty will be even more. By submitting your tax return and paying your bill in good time, you won’t risk any penalties.
4. Your accountant will love you
If you work with an accountant then sending everything over early for your Self Assessment tax return will help make their job easier. Plus, if there’s any extra information they need from you there will be enough time to sort it out without anyone feeling pressured by a deadline.
But Self Assessment is a hassle, right?
Not if you plan ahead! If you do your accounting consistently throughout the year, you’ll have everything you need to be prepared for your tax return when the time comes.
Bokio accounting software has everything in one place, so you don’t need to do any calculations to fill in your return. With integrated bookkeeping and invoicing you can use our automated profit and loss report to fill in your Self Assessment tax return.
If you work with an accountant then Bokio is a great way to collaborate. You can upload receipts, set up bank feeds to import your bank transactions, and use our useful invoicing and expenses software to help your business run smoothly. Your accountant will have all the information they need to get your Self Assessment tax return sorted without the stress.
