New figures show that 298,900 people filed their self-assessment tax return in the first week of the new tax year.
The HMRC data found that 86,270 submitted theirs on day one.
Myrtle Lloyd, HM Revenue and Customs’ Chief Customer Officer, said, “For thousands of people, filing early and staying on top of their finances has become the norm.
“It takes the pressure off in January and means they can spend their time focusing on their business and doing things they love.
Why it’s worth filing your tax return early
- You’re able to plan ahead. Finding out how much you owe in tax as soon as you can allows for more accurate planning, plus, it takes away the stress of finding out last minute should you not have the funds.
Need help deciding between Limited or Umbrella? We are happy to help- give Sophie a call on 01442 795 100 or email sophie.lewis@dolanaccountancy.com
- It’s easier to organise spreading costs if you need to. If you are unable to pay in one go, then you could look at spreading the cost of your tax bill with weekly or monthly payments using HMRC’s Budget Payment Plan.
- Quicker access to a refund. If you are due a refund, then you’ll receive it sooner – this information will be available in the HMRC app once you’ve filed.
- Easier and less stressful to get help if you need it. If you need help filing your return, you can access a range of online guidance and information sooner rather than later, plus you can look at getting help if you are unable to pay your bill in full by the 31st of January deadline. You may be able to set up a Time to Pay plan, for example.
To find out more about contracting, please contact Jaime on 01442 795 100 or email jaime.thorpe@dolanaccountancy.com.
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