News

Are you one of the people who avoided filing your Self Assessment until the last day? You’re not alone, over 700,000 filed their Self Assessment in the last 24 hours last year, with over 26,000 filing in the last hour.

958,296 taxpayers missed the filing deadline and were issued with a £100 automatic fine

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 31^st, 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 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.

Foremans can complete your Self Assessment for you and also offer free advice at no obligation, give us a call on 01244 625 500 or email ian.broomhall@foremansllp.com for further information.