Early Self-Assessment tax returns are on the rise

In recent years, an increasing number of individuals have opted to file their Self-Assessment tax returns early. 

Since 2018, submissions on the first day of the tax year have more than doubled. 

As experts, we understand the benefits of filing your tax return early, so why should you submit yours now? 

Advantages of early tax filing 

Submitting your tax return early presents several benefits: 

• Reduced stress: By completing your Self-Assessment well in advance of the 31 January deadline, you eliminate the anxiety associated with last-minute filing. 
• Better financial planning: Early submission allows you to determine your tax liability sooner, enabling you to create a budget plan to manage payments effectively. 
• Prompt refunds: If you are owed money, HMRC will notify you once your return has been processed and arrange for any overpayment to be refunded.  

Eligibility for Self-Assessment 

You may be required to submit a Self-Assessment if you: 

• Are newly self-employed with earnings exceeding £1,000 
• Have recently become a partner in a business partnership 
• Have received untaxed income 
• Are claiming Child Benefit, and you or your partner’s income surpasses £50,000 

Embracing the future of tax filing 

With nearly 97 per cent of customers filing their Self-Assessment tax returns online, digital tax management has become the norm.  

From April 2026, you will need to keep digital records and provide quarterly updates on your income and expenses to HMRC through Making Tax Digital compatible software. This applies if you have an income over £50,000. 

Early submission not only offers a stress-free experience but also allows for improved financial planning and control.  

If you need advice on submitting your Self-Assessment tax return, contact us today.