Is now the perfect time to file your Self Assessment tax return?
HMRC has sent out a message to some of the 12 million people with Self Assessment tax accounts in the last week or so, alerting them to the need to file their next Self Assessment tax return.
Whether you received this message or not, you may be wondering whether HMRC is being overzealous when the deadline for filing is not until 31 January 2027.
However, there are many benefits to filing your Self Assessment tax return now, so it is worth understanding what you should be doing.
Is it too early to file a Self Assessment tax return?
Provided you do not try to file a Self Assessment tax return before 6 April, it can never be considered too early.
If there is any part of the Self Assessment tax return that you do not feel able to complete in April, then it is possible to fill in most of the return and complete it once you are confident you have the correct information.
Should you submit a Self Assessment tax return and discover that you made a mistake, early filing gives you more time to rectify the issue.
You have to correct Self Assessment tax returns within 12 months of the submission deadline, which means any return filed before this has extra time in which you can spot mistakes and fix them.
Obviously, the better option would be to not make mistakes in the first place and filing in April can be a way to avoid this.
Knowing that the pressure of a deadline is not bearing down on you, you can take more time to review the information you are compiling, as well as seek professional advice or HMRC support should you need it.
Will I need to pay my tax bill earlier if I file my Self Assessment tax return now?
When you file your Self Assessment tax return does not have any impact on how much tax you pay or the deadline for paying it.
What it does affect is how much control you have over paying what you owe.
The deadline for paying the Self Assessment tax you owe for the 2025/2026 tax year is 31 January 2027, the same deadline as filing the tax return itself.
By submitting your Self Assessment tax return now, you can break down the payment of your tax bill to better suit your finances, mirroring the way that tax is handled through PAYE.
For example, if your tax bill is £1000, you could begin monthly instalments of just £100 and have the bill cleared in full by the deadline.
That same £1000 would need to be paid in full in a single month if you delayed filing your Self Assessment tax return until January and could cause an already difficult month to become much more challenging.
If your circumstances have changed and your tax is now managed through PAYE, it is possible to have your Self Assessment tax bill added to this with payments commencing in the next tax year.
This is possible if your tax bill is less than £3000 and can be an effective way of spreading the cost without you manually managing the process.
Ultimately, filing your Self Assessment tax return now puts you in control of your finances.
Our team can help you achieve the dream of not having to stress during the festive period or panic in January about the Self Assessment tax return deadline.
If your tax position does change and you are no longer sure of your obligations, we can also help you to understand those so that you do not risk becoming noncompliant.
Get in touch to take the stress out of Self Assessment tax returns.
