You do not have to wait until January 2026 to file your latest Self-Assessment Tax Return. Besides making your accountant very happy, there are a lot of other benefits of ensuring you get your return in nice and early!
- Peace of mind: Avoid the stress of filing last minute. Noone wants to face the risk of filing late, especially when HMRC fines are involved. So, avoid trying to organise your paperwork among the leftover Christmas wrapping paper, and head into the new year in control.
- Quicker tax refunds: If you’re due a refund of tax, the sooner you file, the sooner it can land in your bank account. Put it towards savings, business expenses, or a well-deserved treat!
- Better budgeting: You’ll know exactly what you owe much sooner, meaning you can put money aside or include it within your monthly budgeting. You will also be able to set up a payment plan with HMRC if you are unable to pay what you owe by the deadline.
- Lower second Payments on Account: Filing before 31st July 2025 could reduce your second payment on account (due 31st July 2025) if your tax bill for 2024/25 is lower than the previous year (2023/24). This is because your July payment can be adjusted based on your actual earnings, not just estimated from last year.
Please note – This does not have the opposite effect if you earned more in 24/25 than 23/24 – you will not have a higher payment due 31st July 2025, you will need to pay the difference in January – referred to as your ‘balancing payment’.
- Support for applications and financing: if you are looking to get a mortgage, re-mortgage, loan, or any other financing, most lenders and government schemes will ask for your latest SA302 which you can only get once you have filed your tax return. You can use your tax calculation as proof of income for a mortgage, loan, and any benefit claims. Having your return filed early means you have access to the paperwork you need to move forward, with no delays.
You will always have until 31st January 2026 to pay what you owe. Filing early will not mean you need to pay your liabilities any earlier, but it will mean more clarity, more control, and more time to focus on growing your business, or enjoying some well-earned downtime.
As always, we’re here for any questions you may have.
Give us a call on 01872 267 267, email us contact@whyfield.co.uk, or message us on WhatsApp 0777 49 39 111