Self Assessment Deadline – Why it’s Wise To Submit Early

Late Tax Returns Alexander Accountancy Burton on Trent

Many Burton, Uttoxeter, Ashby and Derby business owners rushed to submit their self assessment online to narrowly beat the January 31st deadline. But submitting early not only puts you more in control of your business, but it also means that you’ll receive any monies owed to you much sooner.

Understanding your profits and cash-flow earlier in the year means that you’ll have a better understanding of how your business is performing. You’ll be able to plan for any tax owed more efficiently and if you’re owed money, you can retrieve is quickly, and this particularly applies to sub contractors who might have tax deducted at source. The sooner you submit their self assessment, the sooner you will receive a tax payment, with your bank account benefitting from the balance, rather than HMRC’s.

One of Alexander Accountancy’s clients could have submitted his tax return last June. However, choosing to wait until the January deadline meant that he discovered he’d been owed £1,100 for 7 months, again, money that could have been earning him interest.

To control your finances more intelligently, make sure you plan your self-assessment early and use any monies owed to you more effectively. To find out more, get in touch now!