We get it, submitting your self assessment tax return for 2025 isn’t the most exciting thing in the world, so it’s easy to put it off to the last minute. The 31st January 2026 deadline is currently far away but always comes around quickly, and planning ahead and submitting your tax return early can save you time, money, and a whole lot of stress.
In this blog, we’ll walk through the benefits of submitting your self assessment early, how to plan ahead for payments, and the common mistakes to avoid.
Why should you submit your self assessment tax return early?
Faster refunds
One of the big advantages of submitting your self assessment early is the potential to receive any tax rebates faster. As Rebates outside of December or January are processed within two weeks, but during the peak period, HMRC can’t guarantee that. That means that the closer you submit your return to the deadline, the longer you’ll wait for a refund, especially during the busiest times in January.
If you’re due a rebate, submitting early means you could have that money back in your account in as little as two weeks. It’s a simple way to ease your cash flow and avoid the stress of waiting.
Better financial planning
Submitting your tax return early doesn’t just help you get your refund faster; it also gives you time to better plan your finances for the year ahead. Early submission allows you to adjust payments on account, after all, money’s better in your account than HMRC’s account! By submitting early, you’ll know exactly what you owe and when, which can help you manage your budget and avoid the dreaded surprise bills in January.
Early submission also gives you more time to make adjustments to your payments if your income was lower than expected. If you’ve had a tough year, you can reduce your July payment, based on your actual income, which can be a huge relief. This gives you flexibility in managing your tax liability and could even help you avoid large lump-sum payments that can be financially draining.
Reduced stress
One of the biggest reasons to submit early is to avoid the stress of last-minute submission. Everyone knows the pressure of scrambling to file your tax return just days (or hours!) before the deadline. Not only can this cause stress, but it can also result in mistakes, missed deductions, or penalties.
Starting early means you can review everything thoroughly and make sure it’s right. You’ll also avoid the anxiety that comes with trying to get everything in order at the last minute.
Planning for payments on account
If you’re not sure how payments on account work, here’s a quick breakdown:
Payments on account are advance payments for your next tax bill. These are due in January and July and are calculated based on the previous year’s tax bill. The aim is to make sure you’re not hit with a large tax bill at the end of the year.
However, if your income has dropped in the previous year, you don’t have to make the full payment. If your income is lower than expected, it’s worth considering reducing your July payment. If you submit early, you’ll have plenty of time to review your income and decide if reducing your payment is necessary. That means less stress in January and July when these payments are due.
Common pitfalls to avoid when submitting your self assessment
We all know how easy it is to procrastinate, but waiting until the last minute to start working on your tax return is one of the biggest pitfalls you can fall into. The trick is to stay organised throughout the year, so keep your receipts and records in order so that when the time comes to complete your tax return, everything is easily accessible. This will save you a ton of time and headache.
Another common mistake is failing to account for changes in your personal or business circumstances. For example, if you started a new job, had a change in your income, or invested in new assets, make sure you include all of this information in your tax return. Failing to do so could mean missing out on tax breaks or, worse, making a mistake that leads to fines.
Making tax digital and future deadlines
As we look toward the future of tax filing, it’s worth noting that the introduction of Making Tax Digital (MTD) will soon have a much bigger impact on tax returns. Starting in 2026, self assessment will shift to quarterly submissions, meaning you’ll need to be even more organised and proactive. The tax return for 2026, for example, will be due in 2027, but by that time, quarterly submissions will be in full swing.
So, if you’re already in the habit of filing your tax return early and staying organised, transitioning to quarterly submissions under MTD should feel like a smooth transition.
Need some help with your self assessment tax return or any other aspects of your finances? Contact us today for a no-obligation chat to find out how we could help.
