The tax year has ended.
Main benefit of submitting tax return as soon as possible is that the enquiry window runs for a full 12 months from the date the tax return is received. So for example a return received by HMRC on 20 June 2018, the enquiry window will close on 20 June 2019 – EM1501
Other benefits enumerated by HMRC Agent Update 110.
- submitting your tax return now does not mean you pay now — when you submit your tax return, you’ll know how much you need to pay, so you can plan your finances and cash flow better — this might mean you can book a holiday, make an investment or it may mean you have to save for your tax bill
- your tax return provides you with proof of income — you’ll need this if you apply for a mortgage, loan, or if you need to access certain benefits and schemes such as Tax-Free Childcare
- you can claim a refund faster — if you’re due one
- knowing what you owe, might mean you can reduce your payments on account if your tax bill is lower than forecast
- you’ll avoid any chance of getting a penalty for submitting your tax return late, so do it now and get it out of the way
- beat the rush — HMRC’s busiest time is January so if something goes wrong and you need to contact them, you might find it hard to get through
- peace of mind — so you can get on with the important things in your life
Roy Accountants 