News
Why It\'s A Good Idea To File Your Self Assessment Early
16 - 08 - 2016
File your Self Assessment early and avoid the last minute rush!
Are you one of the
people who avoided filing your Self Assessment until the last day? You’re not
alone, 980,000 filed their Self Assessment in the last 24 hours last year.
In 2012 the filing
deadline was extended after call centre staff decided to strike. HMRC also
dealt with issues of their online services used to file Self Assessments.
It makes sense to file
your Self Assessment early on these facts alone, but this isn’t the only good
reason to file early. Here are 5 more reasons:
1. It Gives you Time to Save for your Tax Bill
If you file your Self
Assessment in January and find that you don’t have enough money to pay your tax
bill, HMRC will charge interest on your late payment. If you file early your
tax bill isn’t due until January 31st meaning you’ll have time to
budget and save for any tax that you may owe.
2. It’s Easier to Contact HMRC
If you’ve ever needed to call
HMRC in January you’ll be familiar with their waiting times stretching to hours
in busy periods. Filing early will mean you can avoid the rush and get direct
help from HMRC without having to take time out of your busy day waiting for
them to pick up.
3. You Could Receive a Rebate in Time for Christmas
You may have overpaid tax
meaning HMRC owes you money. If you file early, HMRC could pay back your rebate
just in time for Christmas! This will also diminish the worry that many small
business owners feel over the Christmas period thinking about doing their Self
Assessment as soon as the celebrations are over.
4. You’ll Avoid HMRC’s Dreaded Penalties
By filing early you’ll be avoiding
HMRC’s penalties by miles. HMRC fines £100 immediately if you miss the deadline,
£10 a day for 3 months. A further £300 fine if you’ve still not filed after 3
months, another £300 if you haven’t filed within a year and if HMRC believe
you’re delaying filing, they can fine you up to 100% of tax owed!
5. You’ll Have More Time to Get Help
There are lots of
difficulties that you may not be aware of when it comes to filing your Self
Assessment. It’s a good idea to ask an accountant to take a look at it for you.
Accountants can get very busy in the run up to Self Assessment time so asking
them early will guarantee they can allocate time to have a look at yours. It’s
a good idea to find an accountant to suit you, have a look at this post on why its important for the
self employed to use a specialist accountant.
Foremans can complete your
Self Assessment for you from £135 + VAT. Foremans also offer free advice at no
obligation, give us a call on 01244 625 500 or email Charlotte@foremansllp.com for free
advice.
