Many of the 12 million people with Self Assessment tax accounts will have received a message in the last week or so from HMRC.
This message asked those who use the service to submit their Self Assessment tax returns – something that may have struck you as odd, given the deadline is 31 January.
You might be concerned about filing a tax return early, so it is worth understanding the benefits and whether there are any risks involved.
Technically, only an attempt to file a Self Assessment tax return before 6 April would make it early.
Any filing after this can be considered well timed and a sign that you are keen to keep on top of your finances.
Whether you were one of the people trying to submit in the frenzy on 31 January or if you just want to clear something off your to-do list, now is the perfect time to get it done.
The only barrier to submitting a Self Assessment tax return immediately at the start of a new tax year would be if you were waiting for additional information.
Even in that case, it would be possible to compile much of your Self Assessment tax return and finish it when the missing piece of the puzzle clicks into place.
If you are worried about making a mistake in your Self Assessment, then there is support available either from a professional accountant or from HMRC.
Any mistakes can be corrected so long as this is done within 12 months of the filing deadline, so when you submit your tax return does not impact how long you have to make corrections.
Generally, mistakes are less likely when you have the time to file the tax return correctly and submitting well ahead of the deadline will give you the space needed to do this.
While you have the option to start paying your tax bill from the second it is calculated, there is no obligation to do so until the deadline.
Filing your Self Assessment tax return now for the 2025/2026 tax year will still see the deadline for payment be 31 January 2027.
Sharp-eyed readers will note that it is also the deadline for filing, meaning that the cadence of payment is entirely within your control, depending on when you file your Self Assessment tax return.
For instance, a tax bill of £1000 could be made in manageable monthly instalments of £100 or be an upfront burden in need of careful handling, depending on how long you give yourself to pay it.
Should your circumstances change and you begin having your employment and tax managed through PAYE, it is possible to consolidate your tax bills.
A Self Assessment tax bill that is less than £3000 can be added to your PAYE and you will generally see this being paid in the next tax year.
Having the time to explore these different options of paying what you owe, as well as understanding reliefs and allowances, are all part of the benefits of handling your Self Assessment tax return early.
Our expert team are here to support you in making this year a better one for your tax filings.
We want to see you avoid the panic to submit that strikes so many during the festive period and into January.
Whether your tax position is changing or you just want to be more organised with your finances this year, we are here to help.
Stop Self Assessment tax return stress from getting in the way by speaking to our team.
