Earlier this year, HMRC announced that 10 million people had filed their 2017 tax return on or before the deadline on 31st January 2018. Of these, over 750,000 tax returns were filed on the day of the deadline. The fact is, you’re far more likely to make a mistake, or fail to claim all of the relief available to you, if you’re up against the clock. With that said, however, thousands of people nationwide leave filing their tax return until the eleventh hour. We even see tax payers forgetting to submit their tax return, despite having prepared it in plenty of time.
Put simply, it’s best to file your tax return well ahead of the deadline. Here are seven reasons to make this the year that you get your tax return filed in plenty of time, allowing you to kick back and enjoy a stress-free Christmas.
7 Reasons to File Your Tax Return Ahead of Christmas
1) If your tax liability is lower than £3000, and your return is filed before the end of December, any tax due can be included in your 2019/20 tax code and collected from your income.
2) If you are entitled to a tax refund, the sooner you file your tax return, the sooner you will receive it. We also recommend submitting your bank details in order to have any refunds repaid to you much quicker than HMRC sending you a cheque.
3) If you have tax to pay, it helps to give yourself more time to prepare for the liability and raise the funds, or finance, where necessary.
4) The earlier you file, the lesser your chances of filing late and incurring the penalties, which start at £100 and raise to as much as £10 per day after three months.
5) The HMRC enquiry window commences 12 months from the date on which your tax return is filed, so there’s no benefit to a delay in filing. What’s more, we often find that enquiries are more likely to be launched on tax returns that are filed at the last minute.
6) Filing early gives you plenty of time to collate any additional information, should we find that anything is missing or requires further review or analysis.
7) If you file ahead of Christmas, we can process your information more quickly. This means that you can kick back and enjoy a stress-free Christmas, knowing that everything has been taken care of. Doesn’t that sound nice?
File Your Tax Return Before Christmas with Phebys Accountants
January is repeatedly voted to be the UK’s least favourite time of year. By filing your tax return early this year, you’ll have one less thing to worry about when this dreaded month rolls around. Plus, you’ll be free to enjoy Christmas in the meantime, knowing that our team of professional and experienced accountants has taken care of everything.
To start the ball rolling and get your tax return filed before Christmas, call Phebys Accountants today on 01480 896267, or email firstname.lastname@example.org. You won’t regret it!