Filing your tax return early, what nonsense is this ?
Are you tired of rushing to complete your tax return at the last minute? Do you dread the thought of sorting through endless receipts and documents? Filing your tax return early can provide many benefits. In this vlog I am going to give you five, not the greeting ‘high five’! But five good reasons for Filing your tax return early
It’s the time of year when many people start to think about their taxes. The deadline for the 2023 tax return season is the 31st of January 2024. 31st of October 2023 if you wish to file a paper tax return.
You might wonder, “Why should I file early?” Well, besides earning some serious bragging rights, here are a few extra treats for early filers:
Firstly, let’s talk stress.
Let’s face it, tax preparation can be stressful, especially when you leave it to the last minute. Goodbye stress: File early, and you’ll be as relaxed as a cat in the sun while others scramble to meet deadlines. Taxes? More like “relax”-es!
Secondly, Tax Refunds
That’s right tax refunds do happen. File early and get any refund sooner. It’s like winning the tax lottery and finding a pot of gold at the end of the rainbow.
Thirdly, Knowing How Much Tax You Need to Pay
Filing your tax return early also means that you’ll know how much tax you need to pay. This can help you to budget your finances better and avoid any surprises. Knowing how much tax you need to pay early also means that you can plan ahead and make necessary adjustments to your finances. Know the score: Filing early means you’ll know exactly how much you owe or are owed. It’s like peeking into a crystal ball, but for taxes.
Cut those payments: By filing early, you might reduce your payment on account. It’s like a surprise sale at your favourite store!
HMRC don’t send you a thank you note for paying tax and helping them out. Step out of line and they respond with penalties. Filing your tax return late can result in penalties, ouch!. By Filing your tax return early, you can avoid these penalties and keep your finances in good standing with HMRC. This also means that you’ll have more time to address any issues that may arise, such as discrepancies in your finances.
Up-to-Date Earnings for Mortgages and Pensions
Filing your tax return early also means that you’ll have up-to-date earnings for mortgage and pension purposes. If you’re looking to apply for a mortgage or pension, having up-to-date earnings can help you secure the best possible rates. This is because lenders and pension providers will have a clear understanding of your financial standing and be able to assess your eligibility for their products accurately.
Get Help and Support with I Hate Numbers
If you’re looking for help and support with your tax and finance management, I Hate Numbers can assist you. We provide a range of services, including tax return preparation, accounts management, and financial planning. Our team of experts can help you navigate the tax and finance landscape and ensure that your finances are in good standing with HMRC.
Filing your 2022-23 UK tax return early brings many benefits, from reducing stress levels to ensuring up-to-date earnings for mortgages and pensions. Don’t wait until the last minute; take control of your finances today by contacting I Hate Numbers for help and support with your tax and finance management.
Moreover, knowing what your tax bill is gives you a target money pot to aim for. Paying off your tax bill will help relieve some of the stress and anxiety of having unpaid bills hanging over you.Ideally you have been budgeting for your tax bill. Using our quick and easy to use tax calculator will help you figure out your budget. them where you can pay your tax and without putting too much undue stress on yourself.
Get in touch with us to see how we can help you with getting your tax return filed. For more business and finance , news, advice and tips, don’t forget to watch our weekly broadcasts, listen to our weekly podcast I Hate Numbers.
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