The top 3 benefits of providing your tax return information early
It may feel like it was only yesterday since you finalised your self-assessment tax return for the 2019/20 tax year. However, it is never too early to start planning now on how best to organise your 2021 tax return. Here we take a look at the benefits of supplying this information early and why it pays to get ahead.
The three key potential benefits of doing this include:
If you have a tax liability, early calculation of what you owe should allow you more time to plan payment. If you are due a repayment from HMRC, this could be repaid to you more promptly following an early submission of the return.
2. Tax planning
If your affairs have changed in the year, or you anticipate making key decisions that will affect your future, early completion of your tax return allows for consideration of planning opportunities that could mitigate the tax payable in the future and help manage the challenges ahead.
3. Making time for you
Taking a proactive approach in addressing your tax affairs well before the January deadline will allow you to focus on the things that matter the most to you and your business.
Tax Return Year Ended 5 April 2021 – how we can help
You should now start to receive the tax return information needed in order to complete your 2021 tax return. We can complete your tax return on your behalf.
The deadline for electronic filing of the tax return is 31 January 2022 and penalties will be incurred if the form is not filed and the tax due not paid on time. Where possible, we will use our secure portal to send the completed forms to you. If you have not already used the portal and would like to do so, please let us know.