Submit Your Self Assessment Tax Return Early – Here’s Why It Pays Off
If you're self-employed, a sole trader, or a small business owner you may be familiar with the 31st January deadline for filing your Self Assessment tax return. But did you know there are advantages to getting your return submitted well before the deadline?
At Lynda Stone Bookkeeping, I help businesses and individuals across Wakefield and West Yorkshire stay organised and ahead of HMRC deadlines. Here’s why submitting your Self Assessment tax return early is a smart financial move.
1. Avoid Last-Minute Stress
Leaving your tax return until the last minute can lead to rushed paperwork, missing documents, and unnecessary errors. Getting it done early gives you time to gather all the necessary information and avoid the January panic. If you're using a bookkeeper for your Self Assessment, they’ll thank you for getting ahead of the game too!
2. Know What You Owe – and When
Filing your Self Assessment tax return early means you'll know exactly how much tax you owe well in advance. This gives you time to budget and set funds aside, helping with your business cash flow planning. And if HMRC owes you a tax refund, the sooner you file, the sooner you’ll receive your money.
3. Plan Your Finances Better
Early submission makes it easier to manage your money. If you're a sole trader or small business owner, knowing your tax bill in advance helps you prepare for other business expenses without last-minute financial pressure.
4. Avoid Penalties and Interest
Missing the Self Assessment deadline can result in automatic fines from HMRC - even if you don’t owe any tax. Submitting your return early reduces the risk of penalties, system errors, or delays due to missing documents.
5. Peace of Mind
There’s nothing like ticking a big task off your to-do list. Submitting your tax return early gives you peace of mind and allows you to focus on running your business, especially during the busy festive season.
Need Help with Your Self Assessment Tax Return?
As a trusted bookkeeper in Wakefield, I offer various bookkeeping services, such as:
- Self Assessment tax return filing
- VAT returns
- Bookkeeping services for small businesses and sole traders
- Year-end accounts and financial reports
I work with individuals and businesses to ensure records are accurate, returns are submitted on time, and HMRC compliance is maintained.
📍 Based in Wakefield, I also work remotely with clients across the UK.
Contact Me
Book an appointment for a no-obligation, free chat to go over your bookkeeping and/or Self Assessment needs. Alternatively, feel free to get in contact with me on the details below.