You don’t have to wait till January to submit your self-assessment.
January 31st and the Self-Assessment deadline is now behind us. Was it frantic trying organise all your info, fill everything in and rush to get it submitted on time? Did you manage it?
Did you know you don’t have to wait until January to submit your Self-Assessment? The tax year runs from 6th April to the 5th April the following year and you can submit your return anytime from the 6th April. The next Self-Assessment will be for the year 6th April 2024 to 5th April 2025 and the deadline for submitting this is 31st January 2026.
It could really pay to be organised and have everything ready now and over the next few months so you can submit it soon after the 6th April and then you don’t need to worry about it. Also, if you are due to pay any tax, you won’t have to pay it until January 31st 2026.
There are a number of benefits to submitting your Self-Assessment early:
It’s good for your mental health. Don’t underestimate the importance of this. Submitting tax returns and shelling out hard earned money is stressful at the best of times but if you’re rushing to get everything done at the last minute then this stress is hugely magnified.
If you’re organised and submit early, there’s less chance of you making mistakes than if you’re rushing to get it done at the last minute. This could save you paying too much tax.
Submitting early avoids any late submission fines, saving you money and again reducing stress.
If you submit early then you know where you stand and what tax you will owe come January so you can make more informed financial decisions, focussing on growth and freeing up time to make positive changes.
Knowing what your tax liability is will allow you to effectively budget for the year ahead and better manage your cash flow. It will hopefully allow you to put money aside for your tax bill when it’s due and reduce the stress and worry of potentially having to scrape money together at the last minute. Another mental health benefit.
Remember, regardless of when you submit your Self-Assessment, you won’t have to start making payments until January 31st.