Timely tax return filing is more than just an administrative task; it is a strategic financial decision. According to HMRC, nearly 299,000 individuals submitted their self-assessment tax returns in the first week of the 2024/25 tax year. This trend highlights a growing awareness among UK taxpayers of the tangible benefits associated with early filing.
At Co-gency Chartered Accountants, we support individuals and businesses across Swinton and Salford in managing their tax obligations efficiently. By understanding the advantages of early filing and how it aligns with broader compliance requirements such as Making Tax Digital, clients can gain greater clarity, reduce risk, and enhance their financial planning.
Early Filing: Key Insights from HMRC
According to HMRC’s official press release, the earliest self-assessment return for the 2024/25 tax year was filed at 12:06 am on 6 April 2024, marking the beginning of a record-setting week in which nearly 300,000 returns were submitted. This represents a proactive shift in taxpayer behaviour, driven by the desire to reduce stress, manage cash flow effectively, and avoid errors that could lead to HMRC inquiries.
Source: HMRC receives early bird tax returns as 299,000 file in first week
Why Filing Early Matters
Reduced Administrative Stress
Leaving tax returns until the January deadline often results in rushed submissions, incomplete information, and increased anxiety. Filing early removes this pressure and allows sufficient time for review and error correction.
Improved Cash Flow Planning
Submitting your return early does not mean you need to pay your tax early. The payment deadline remains 31 January. However, early submission gives you a clear view of your liability and allows you to budget accordingly.
Faster Access to Tax Refunds
For taxpayers entitled to a refund, early filing means quicker repayment. HMRC typically processes refunds within five working days, with early submissions often receiving priority.
More information: Claim a tax refund
Time to Amend Returns
Mistakes can happen. Early filing provides ample time to identify and correct errors using HMRC’s online services.
Guidance: Correct a tax return
Essential for Accessing Financial Products
Many lenders and government schemes require up-to-date tax documentation. Early filing ensures you have the necessary paperwork when applying for loans or grants.
Making Tax Digital: Why Early Preparation is Essential
The upcoming changes to the self-assessment process under Making Tax Digital for Income Tax Self Assessment (MTD ITSA) will significantly affect how self-employed individuals and landlords manage their tax affairs. From April 2026, MTD will apply to those with business or property income over £50,000.
Source: Overview of Making Tax Digital
We encourage early engagement with MTD requirements to avoid disruption. For a comprehensive overview tailored to taxpayers in Salford, visit our guide:
MTD for Income Tax: What Salford Taxpayers Need to Know Before the Deadline
Who Should Prioritise Early Filing?
Self-Employed Individuals
Those running their own businesses benefit from early identification of allowable expenses and better cash flow insights.
Landlords
Landlords with rental income must keep detailed records of expenses, interest payments, and maintenance costs. Early filing ensures accuracy and preparedness for MTD.
High-Income Individuals
Taxpayers subject to the High Income Child Benefit Charge or with multiple income streams can plan more effectively by filing early.
Company Directors and Shareholders
Early returns help declare dividends, director’s loans, and capital gains with fewer errors and more control.
Supporting the Swinton and Salford Community
Co-gency Chartered Accountants provides tax return services that are tailored to individuals and businesses across Swinton and Salford. With an in-depth understanding of local business conditions and HMRC requirements, we deliver reliable, professional guidance to ensure full compliance and peace of mind.
Explore our services:
Tax Services – Co-gency
Main Website
Contact Us
Conclusion
Early tax return filing is a strategic step that supports better financial outcomes, reduces stress, and enhances compliance with HMRC regulations. For businesses and individuals in Swinton and Salford, working with experienced chartered accountants can transform tax season into an opportunity for forward planning and growth.
For expert advice on your next tax return, speak to Co-gency Chartered Accountants today.