Why We Recommend Completing Your Tax Return Early
Although the deadline for submitting a Self Assessment tax return isn't until 31 January, leaving it until the last minute can create unnecessary stress and pressure.
At Coles Miller, we encourage our clients to provide their tax information as early as possible each year. Completing your tax return early doesn't mean you'll have to pay your tax bill any sooner, but it does give you more time to plan, ask questions and avoid the January rush.
Here's why getting started early can benefit you.
Know Your Tax Position Sooner
One of the biggest advantages of submitting your tax information early is that you'll know exactly how much tax you owe, if anything, well before the payment deadline.
Having this information in advance gives you time to budget accordingly, manage your cash flow and avoid any unwelcome surprises at the start of the new year.
Time to Resolve Any Queries
Tax returns are rarely identical from one year to the next. Occasionally, we may need to clarify a figure, request additional documentation or discuss a particular source of income or expense.
Providing your information early gives both you and our team the time to deal with any queries thoroughly, rather than trying to resolve them under the pressure of an approaching deadline.
Reduce Stress During the Busy January Period
For many people, January is already a busy and expensive time of year. Leaving your tax return until the final weeks can add unnecessary pressure.
By preparing your return well in advance, you can remove one significant task from your to-do list and enjoy greater peace of mind knowing everything has already been taken care of.
Avoid Late Filing Penalties
Missing the Self Assessment filing deadline can be costly. HM Revenue & Customs (HMRC) automatically issues a £100 late filing penalty if your return is submitted after 31 January, even if you have no tax to pay.
Starting the process early significantly reduces the risk of missing the deadline and helps ensure your return is submitted on time.
Help Protect Yourself Against Tax Fraud
Unfortunately, fraudsters often become more active as the Self Assessment deadline approaches, taking advantage of the increased volume of tax-related activity. HMRC regularly warns taxpayers to remain vigilant against phishing emails, text messages and phone calls claiming to be from HMRC Submitting your return earlier reduces the opportunity for identity thieves to interfere and gives you greater confidence that your tax affairs have been dealt with promptly.
Frequently Asked Questions
Do I have to pay my tax earlier if I submit my tax return early?
No. Submitting your tax return early does not change the payment deadline. If you file your return months before 31 January, you will usually still have until the payment deadline to pay any tax that is due. Filing early simply gives you more time to understand your tax position and plan ahead.
What is the deadline for submitting a Self Assessment tax return?
If you are submitting your tax return online, the deadline is 31 January following the end of the tax year. However, there is no advantage in waiting until then. Preparing your return earlier can help avoid last-minute issues and unnecessary stress.
What happens if I file my tax return late?
If you miss the filing deadline, HMRC will normally charge an automatic £100 late filing penalty, even if you do not owe any tax. Additional penalties and interest may apply if your return or payment remains outstanding.
What information do I need to provide?
The information required will depend on your individual circumstances. This may include details of investment income, capital gains (such as from selling a property or shares), your employment income, self-employed earnings, rental income, investment income, pensions and any allowable business or personal expenses. If you're unsure what documents you need, our team will be happy to advise you.
Can my solicitor office submit my tax return for me?
Yes. If you appoint Coles Miller to act on your behalf, we'll prepare your Self Assessment tax return, discuss any queries with you and submit it to HMRC once you've approved the final figures.
Get Started Today
The earlier you provide us with your income details, expenses and any other relevant information, the sooner we can begin preparing your tax return.
Completing your return early doesn't change when your tax is due, but it does provide certainty, allows time to address any questions and helps you avoid the stress that often comes with last-minute filing.
If you'd like to get started, please get in touch with our specialist tax team. We'll guide you through the information we need and help ensure your tax return is prepared and submitted well before the January deadline.
