Whilst the deadline for filing your 25/26 Self Assessment tax return isn’t until 31 January 2027 (which seems like ages away), there are many benefits to filing it straight after 5 April.
Ten Reasons to File Your Tax Return in April (and not January)
- If you are due a refund (either because your income has dropped or you are deducted too much tax at source) then you will receive this much sooner. File your return in April and the cash could be in your bank account in early June.
- If your income has fallen then you will be able to reduce the 31 July 2026 payment on account to the correct, lower amount rather than paying too much and waiting for HMRC to refund you.
- Filing it last minute is stressful.
- If you (or your accountant) start preparing the return later in the year and there is missing information or an IT issue then you may miss the deadline and incur penalties and interest.
- Knowing how much tax is due in January and July 2027 in April or May 2026 gives you time to plan for the payment / save up.
- If you leave the return to January 2027 then some of the transactions you are recording will be nearly 2 years old. You’re less likely to remember or be able to find the details than if you do it when it’s fresh in the memory.
- If you’re self employed and applying for a mortgage or funding then having up to date figures will speed up the application process.
- If the return highlights a higher than expected tax liability and you are only a small way through the new tax year then you may be able to re-structure your affairs to reduce next year’s bill.
- If you (or your accountant) needs to speak to HMRC then they are much less busy (and easier to get hold of) in April than January.
- If you need to comply with Making Tax Digital for Income Tax Self Assessment (MTD ITSA) ie you had combined income from rent and self employment of over £50K in 24/25 then you will need to maintain MTD compliant accounting software from 6 April 2026 and make quarterly submissions to HMRC. The opening balances that need entering into the software will be easier to calculate if your 25/26 tax return has been completed and signed off.
360, Chartered Accountants is now accepting 2025/26 tax return clients.
For a free, no obligation initial meeting (either in person or online) please contact us on help@360accountants.co.uk or 01482 427360.
Alternatively, if you would like a copy of our free Personal Tax Planning brochure, please contact us on the above.
