Tax Return - when to do it?

[nannynick]

Is there ever an ideal time to do the tax return? I really should make an effort to do it, I do like doing it once I have all P60's (have multiple employed jobs as well as self employment) but I keep putting it off.

Do you do it now, or do you wait till near the deadline? Any advantage to doing it now vs later?

I do mine in Nov/Dec every year and every time I think to myself, I wish I'd done this earlier whilst everything was fresher in my mind

Why wouldn't you do it the moment you were sure you had all the income for that tax year and all the appropriate paperwork? I seem to have missed out on the procrastination gene.

Yup, I get grumpy as it takes AAAGES for me P11D to come through and that's normally the one thing I'm waiting for.

Well, it makes sense to do it earlier so you know what you have to pay and have longer to set the money aside for, in theory.

However, if you've been self employed for a while and your income is fairly static you probably know approximately what you will be paying anyway - assuming they haven't cocked up your Paye codes for your employment etc.

Possibility of reducing the July tax payment on account, if you make it?

Not discovering on the 29th of January that the one vital piece of information is missing?

Jan 30th this year, earlier than last.

31 Jan is a deadline not a target. Most people will already have everything they need. No benefit at all in waiting, just more risk of being late as more likely to lose things, forget things, or suffer last minute disasters such as illness, power cuts, BT cutting your broadband line, etc.

With digitisation coming in a couple of years for the self employed, they'll be having to make quarterly submissions anyway, and following closely from that will be paying tax due a lot sooner, i.e. within the year rather than after it, so the idea of waiting until close to january will be an obsolete option shortly anyway.

I usually have mine done within a month of year end (April), once I get my P60 through as I'm also employed. All my accounts are done weekly using a spreadsheet (though my business is very simple).

You do not have to pay anything until the Jan 31st deadline, no matter when you file. Last year I filed, then set up a monthly standing order to pay tax bit by bit, this year I have set up a standing order to pay the lot on 26/27th Jan next year.

May get round to it this afternoon. I don't pay on account, earn too little and know roughly what tax will be due though nice to have the system calculate it.

Did it, nice to get it out of the way.

well done! :)

Well-done Nanny nick!