We Irish tend to leave things to the last minute but there are many advantages to filing your tax return early...

Self-assessed taxpayers are required to pay and file by 31 October 2013, or by 14 November 2013 if you use the Revenue's online service (ROS). Here are ten reasons why you should act now and not wait until October.

  1. Minimise stress: unnecessary panicking leads to human errors, and omissions. The earlier you know your liability the better, as you can consider your cashflow and avoid incurring interest on loans taken out to meet it.
  2. Reduced fees: many firms offer fee discounts for early filers. Tax agents may be contracted to pay employees overtime for extra work around the tax deadline and this cost is passed on to the relevant clients.
  3. You can receive your tax refund now (if due). So why wait?
  4. Information is to hand: your 2013 accounts information should be available. You've just received your P60 form and you have your medical receipts, so don't file them away; give them to your tax agent now.
  5. File now and pay later: You still have until 31 October 2013 (or 14 November 2013 if you're using ROS), to pay your liability if you file early.
  6. Reduce the risk of submitting an incomplete return and attracting a Revenue audit by not filing on time.
  7. Avoid interest and penalties: Revenue reserves the right to charge interest on late or underpaid tax, and issue penalties for late submissions where liabilities arise.
  8. Put your best foot forward: allow yourself time to explore opportunities to manage your tax bill (such as making pension contributions) or to seek a second opinion for your current or subsequent returns.
  9. Facilitate the identification of other tax obligations: remember gift/inheritance tax returns are also due to be submitted by 31 October.
  10. Optimise the service/advice and value for money from your tax agent: your tax agent is likely to be less busy now and therefore able to give you more time if you complete your return early. Once the rush of the tax return season begins and the deadline approaches, tax agents are under severe pressure to meet the deadline for all of their clients.

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.