Submitting your tax return as soon as the next tax year starts might seems like a strange notion, but it definitely has benefits. Rather than putting your Self Assessment tax return off until January, read our guide to why sooner is better.
How early can I submit my Self Assessment tax return?
A Self Assessment return for a particular year can be submitted from the day after that tax year ends. For example:
The end of the 2022/23 tax year is 5th April 2023
You can submit your Self Assessment tax return for the 22/23 tax year from 6th April 2023 onwards
Is it better to submit my tax return early?
Absolutely! There are several advantages to completing your Self Assessment early in the year, rather than waiting.
Receive your tax refund sooner
If you’re likely to receive a tax refund (which is often the case for CIS subcontractors in particular), then submitting your tax return sooner means getting that money back faster, too.
Claim back all your allowable expenses
Making your submission earlier gives you more time to review everything properly and reduce the risk of mistakes. It also gives you a chance to claim for all those allowable expenses, and minimise that tax bill. It also means you have more time to chat to your accountant, bookkeeper, or anyone else who can help. Watch our video below for our top tax-saving tips.
Give yourself more time to prepare for Self Assessment
You’ll know exactly what you owe, and give yourself more time to pay it over a longer period – which helps with planning your cash flow! Tax returns can be stressful, and paying them can be even worse. Getting your Self Assessment in as soon as possible can help alleviate some of the worrying, and help you prepare – especially if your tax bill is more than £1,000 and you need to make Payments on Account.
If I submit my Self Assessment earlier, do I have to pay straight away?
The date you submit your Self Assessment doesn’t affect the payment deadline, so filing your tax return earlier in the year doesn’t mean you need to pay your bill earlier, too. Unless of course, you want to pay your tax bill early.
Filing earlier simply gives you more time to budget for your tax bill. Which is definitely less hassle than being fined by HMRC for late payment.
Comprehensive tax return services
From only £24.50 per month
Registering for Self Assessment isn’t instant
Before getting as far as sending a return, you’ll need to register for Self Assessment. The process isn’t instant; after filling in the online form you’ll need to wait a few days for confirmation letters before completing the registration. Which is another good reason for getting everything sorted out early!
What are the Self Assessment deadlines for my 2022/23 tax return?
There are slightly different deadlines for submitting your tax return depending on how you submit it. It’s important to get your return in before the deadline and pay any money that you owe before the deadline, in order to avoid penalties.
Register for Self Assessment – If you need to send a tax return for 2022/23 but didn’t send one for the previous year, you should register for Self Assessment by this date.
5th October 2023
Paper tax return – The deadline for submitting your Self Assessment tax return if you use a paper form.
Midnight, 31st October 2023
Online tax return – This is the deadline for submitting your tax return if you submit online.
Midnight, 31st January 2024
Paying your Self Assessment tax bill – You should pay your tax bill in full by this date in order to avoid penalties.