The 31st October Income Tax Return deadline….. is just that…. a deadline and not a target!
Your tax return can be filed at any time between 01st January – 31st October.
Here are 5 reasons why you should file your Tax Return early this year
1. Plan Ahead
If you file your return and are due to pay a liability, this is due by 31st October. Therefore, if your liability is calculated in advance, it gives you time to prepare and budget.
2. Less Stress
Submitting your paperwork to your accountant early means there is less pressure on both sides to complete and file your return on time. Giving your accountant more time to prepare and review your return.
If your paperwork is received late or too near the deadline, your accountant may not be able to guarantee filing it on time.
3. Avoid Surcharges
If your return is filed after the deadline of 31st October you will be subject to surcharges and interest owed. You also run a higher risk of being selected for an audit.
4. More efficient
The longer you leave your return nearer the deadline, the busier Revenue will be. If you are due a refund, the sooner you apply for this the better as you may need to wait a lot longer once we approach 31st October deadline due to the volumes of returns Revenue need to process.
5. Peace of mind
Being more organised and submitting your return early, gives you that peace of mind that you have completed your tax obligations and won’t have that rush in October.