Submitting your 2024/25 Self Assessment return at the start of this tax year is a great way to manage your tax bill effectively.
The earlier you file a return, the sooner you will find out how much tax you owe, which can help with financial planning and budgeting for the year ahead.
Early submission also means that if you are owed a refund, it can be paid to you sooner, helping to boost your cash flow.
Furthermore, submitting a tax return at the beginning of the following tax year provides you with proof of income, which is crucial if you need to apply for a mortgage, claim benefits, or open a savings account.
Finally, leaving your tax return to the last minute can lead to errors, and late submission penalties from HM Revenue & Customs (HMRC).
This was the case for the more than one million taxpayers who missed the 31 January 2025 deadline for filing their 2023/24 tax returns.
Submitting your return at the beginning of the following tax year can give you peace of mind and enable you to focus on other business and financial matters.
Need help submitting your tax return? Contact our experts today.
