What are the benefits of filing your tax return early?

Emily Coltman

Emily Coltman, FCA is the Chief Accountant for FreeAgent, who make online accounting software for small businesses and freelancers.

Transcript

Hi, I'm Emily Coltman, I'm chief accountant to FreeAgent where we make online accounting software for small businesses.

So, are there any benefits to filing your tax return early? Well in terms of monetary reward I'm afraid the short answer is no, but there are also reasons why it is a good idea to get your tax return in early.

Firstly, it's one less thing to worry about – tick it off the list, it's done.

Secondly, if you file right at the end of January then there can be a lot of traffic on HMRC's website and you might have problems filing. Get it in now, you'll miss all of that.

Thirdly, it gives you time to make sure you've got enough money put aside to pay your tax and National Insurance when they're due.

So, even though there is no cashback for filing early, I would say it's still a good idea.

If you'd like more information about how FreeAgent can help you file your tax return click the link above the video.

Thanks for watching and we'll see you in the next clip.

Find out more about Self Assessment in FreeAgent

Got questions? Ask Emily!