There was a time when the HMRC enquiry window was 12 months from the deadline but for some considerable time now, it has been 12 months from the date you submit your tax return to HMRC.
From that perspective, there is no advantage in delaying submission of your self-assessment tax return, and doing so earlier brings a number of advantages:
If you are due a tax refund, you are likely to receive it earlier if you submit your tax return earlier
The earlier you know what your tax liability will be, the earlier you can start planning on how you can settle it.
The sooner you submit your tax return, the sooner you can concentrate on running your business, or enjoy your free time if you are retired.
The earlier you start preparing to complete your tax return and ensure you have all the correct information, the less chance there will be that you make a mistake in completing the tax return, and the risk of penalties are reduced.
Read more about the benefits of filing your tax return early here.
Date published 4 May 2022This article is intended to inform rather than advise and is based on legislation and practice at the time. Taxpayer’s circumstances do vary and if you feel that the information provided is beneficial it is important that you contact us before implementation. If you take, or do not take action as a result of reading this article, before receiving our written endorsement, we will accept no responsibility for any financial loss incurred.