You can now file your 2017/18 Self Assessment return to HMRC, ages ahead of the January 31st deadline.
We’ve launched filing earlier than ever this year, so all you early birds and eager beavers can get it out of the way and get on with other important things, like telling everyone that will listen that you ‘filed your return months ago yeah’.
Beyond the opportunity to dazzle your friends at dinner parties, there are a few advantages to filing your Self Assessment this early, including:
- reducing your payments on account in July 18 if your liability for 17/18 is less than estimated.
- getting your mitts on any refund due from HMRC for overpayment of tax - especially relevant for you CIS subcontractors.
Of note this year is the new trading allowance for sole traders on low incomes so check that out.
As ever, FreeAgent is there to do the hard work by building much of your return from the data you enter over the year. When it comes to filing, you just need to check it over and add any other details we don’t know about.
After that, filing to HMRC is a button push away and you can start drafting that social media humblebrag.
Until next time,
Roan and the team at FreeAgent