When should I complete my Self Assessment Tax Return?

Tax returns for the year ended 5 April 2021 are now open with HMRC for submission.

When should I complete my return?

As soon as possible… why wait?

There are several benefits to completing your return sooner rather than later.

  • You can take the time it takes to gather all your information, ensuring you have everything you need and all those expenses accounted for. We all know that paperwork and emails can seem to disappear so the sooner you can find what you need, the less chance you have of it being lost. It may also be easier to obtain copy invoices from suppliers in the summer of 2021 rather than last minute in January 2022.
  • You can plan your tax bill payment and cash flow. Once you have submitted your return to HMRC you will know what payments are due and can plan to save the money. This is easier than trying to save for unknown amount or not saving at all and feeling the hit in January 2022.
  • If you are due a tax refund from HMRC, you should receive this within a few weeks of submitting your return, so it is your bank account sooner than January 2022!
  • No chance of receiving a late payment penalty from HMRC.
  • Less stress! No last minute rush has to be a lot less stressful, right?

Will I have to pay the tax due sooner if I submit early?

No, the deadline for payment is 31 January 2022, you don’t have to pay any earlier, although you can if you want to.