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1 good reason to complete your Self Assessment over the holidays

1 good reason to complete your Self Assessment over the holidays

*Please note the information in this article may be out of date

Completing your Self Assessment tax return over the Christmas holidays could be a good use of time. Not only will you avoid the last minute rush that happens closer to the Jan 31st deadline, but you may free up some of your cash throughout the year. If your tax bill is under £3,000 you can ask HMRC to have the tax you owe collected through your PAYE tax code. This allows you to spread the cost of your tax bill across the following year instead of coming up with the full sum by Jan 31st. In order to avail of this option you must complete your online tax return by December 30th, and owe less than £3,000. Clearly request this option on your return. Where possible HMRC will facilitate your request.

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