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Why file an early tax return

by Michael Blaken

Published on 30th August 2023

We’re advocates of planning ahead and being organised, and this applies to the early filing of your tax return.

The self-assessment deadline for the 2022 to 2023 tax year is not until 31 January 2024, but it’s a good idea to file early and beat the rush.

Here are four key benefits:

  • Planning: find out what you owe for the 2022 to 2023 tax year as soon as you have filed, as this allows for more accurate financial planning;
  • Budgeting: you may be able to spread the cost of your tax bill with weekly or monthly payments using HMRC’s Budget Payment Plan;
  • Refund: once you have filed, you can check if you’re due a refund in the HMRC app;
  • Help: you can access a range of online guidance and information to help you file your return and get help if you are unable to pay your bill in full by the 31 January deadline. You may be able to set up a Time to Pay plan.

For more help and advice on tax returns and completing your self-assessment, why not get in touch with the tax team at Optimum. We help business owners across Swindon, Wiltshire, Cheltenham and Gloucestershire.

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