So just how early is early to submit your self assessment?
This current tax year ends on 5th April 2023, which means that you actually could file your next tax return for the 22/23 tax year from as early as 6th.
What kind of sorcery is this?!
It’s a logic that time forgot, but here are some of the reasons why it’s worth getting organised right now!
- File early = receive your tax refund sooner
- Claim back all of your allowable expenses without time pressure and silly mistakes
- More time to discuss a strategy with your accountant
- Finding out what you owe early makes it easier to budget when the payment is due
That’s right – submitting your self assessment earlier has no impact on your payment deadline.
Now, let’s be honest – completing your self assessment earlier in the year does require time, investment and immediate action, which we realise is especially difficult when you’re running a business and have only just got this year’s out of the way!
But overall, getting into the habit of early bird returns makes it easier for you and for your accountant.
Not currently using digital accountancy software?
With the introduction of Making Tax Digital, it’s worth considering migrating your 22/23 tax year operations onto a new online software system as Xero. This will help you speed up the process of filing your tax return, as well as keeping on top of your monthly transactions. It’s a win win 24/7 365!
Want some advice on which system might be the best for your business?