6 Reasons To Get Your Tax Return Done Before the Middle of July.

Now I tend to work late into the night but don’t expect me to be at my desk by 10am. Ain’t gonna happen. But part of my wind down in the evening is to turn on Challenge TV at 11pm and have a couple of episodes of Bullsye on in the background. The TV programme would never get away with the language and attitude nowadays if still in production, but I love it.

You look at the prizes they play for, and I just smile. 24inch CRT TV, teasmaid, walkman.

So here we have a post in the inimitable style of the host

‘Super, Smashing, Great!’

This may not be as exciting as winning a speedboat or a trip to Cairo for 4. but it is important, and you don’t have to score 101 or more to be informed.  So here are 6 reasons why it is a fantastic idea to get your tax return done before the middle of July.

1. Keep hold of your sanity and your hair.

After all, Bully had more hair in the end. the stress of doing your tax return at the last minute can be enough to make you lose your hair! Forget head scratching, more time means more research and no throwing a dart at the board and putting any number in your return.

2. Possibly avoid making the payment on account in July.

If you have a payment on account to make for July, if your income has dropped it is possible that HMRC will change the amount that needs to be paid in July, and you never know, it may be wiped out completely and you may even get a refund of the payment on account made in January.  You can’t beat of bill of bully.

3. Able to get a refund quicker.

If it turns out that HMRC owes you money, then you don’t have to wait until January to get it back. You can request the refund a few days after filing the return, and potentially you can get it back within 4 weeks. You do have to ask for it though. My brain has now escaped to “I’ll have a P please Bob”, but that is Blockbuster with Bob Holness.  Gee, I am showing my age,

4. Plenty of time for correction. 

We’ve all seen those contestants who’ve had a nightmare on the dartboard, haven’t we? Well, it’s the same with your tax return. If you make a mistake, and you’ve left it till the last minute, you might not have time to correct it. File early, and you’ve got more chance to spot those errors and fixing them before the filing deadline.

5. Able to get professional help

I mean from a qualified accountant and not the person in the pub playing darts. Imagine you’re at the oche, but instead of Tony ‘The Tiger’ Green , you’ve got Phil ‘The Power’ Taylor giving you tips. That’s the difference a professional can make to your tax return. If you leave it till January, all the tax advisors are going to be busier than the Santa suit return store. Get in early, and we’ve got plenty of time to help you.

6. Loads of time to make savings in order to pay the tax bill. 

Just like on Bullseye, you’ve got to manage your game to win the top prizes. It’s the same with your tax bill. If you do your return early, you’ll know how much you owe and have more time to plan how to pay it. After all, you have probably spent all the money you earned last year and then suddenly – uh oh.

So there you go – 6 super smart reasons for getting the tax return done before mid/end of July.

Remember, in this game, you’re playing for the best prize of all – peace of mind.

And as always, stay out of the “red” and into the “black”, nothing in this game for a fiscal setback.  OK – so I have slighly changed that one.

Happy filing, my friends!