OK, so we know the deadline for filing your 2025/26 tax return is a long way off (31st January 2027), and you’d probably rather not think about it just yet…
But here we are, your friendly neighbourhood accountants to show you why getting it done early is actually a very good idea.
1) Reduce payments on account
If your 2024/25 tax bill was over £1,000, you’ll likely be paying payments on account – two advance payments towards your next tax bill, each at 50%. By getting your return done before the second payment is due on 31st July 2026, you may be able to reduce that payment, giving your cash flow a welcome boost.
2) Make life easier for yourself
We’ve all seen the January scramble – digging through emails, bank statements, and trying to remember what happened over a year ago. Do it early, and everything’s still fresh. Less stress, less guesswork, fewer “what was this payment again?” moments.
3) Know where you stand
Filing early doesn’t mean paying early – your tax still isn’t due until 31st January. But knowing what you owe gives you time to plan, budget, and avoid any nasty surprises. Much better than crossing your fingers and hoping for the best.
4) Peace of mind
Honestly, this one’s underrated. Getting it done and off your plate early is a huge mental win. It’s one less thing hanging over you – and a great habit to build for you and your business.
5) Get your refund sooner
If you’re due money back, filing early means you get it sooner – no waiting around while everyone else rushes in January.