As of today you are able to file your 2024-25 Self-Assessment Tax Return. Although you have until 31st October 2020 to file a paper return and 31st January 2026 if you plan to file online, there are notable advantages of filing early:

·        If you file your return early you have the advantage of knowing your tax liability in advance, this does not mean that any tax owed to you is due any earlier the tax due date still remains 31st Jan 2026. 

·       If you have a payment on account to make in July then filing early can decrease this payment – it will never increase it.

·       If you have a re-payment due to you then you will receive this shortly after your return is filed, the earlier you file the quicker you get your rebate.

·       If you file before 31st December than any tax you own can be collected via your PAYE code if you are a PAYE employee and meet the criteria.

There are no disadvantages of filing your return early, but there are for late submissions – so don’t delay; file today!