Benefit of waiting until Oct to file tax return?

Hi,

I always wait until October to get my act together and submit details to my accountant. Is there any benefit for waiting this long? I presume I can submit as soon as I get all info from the previous year together. This might be obvious, but why do we all wait until the last minute to submit?

I think when there is a liability people want to wait to the last minute rather than pay up front. You can file early and still pay in October though.

Ah ok, I thought you had to pay once you submitted. That's good to know. Thanks Gervan.

fun said:

Ah ok, I thought you had to pay once you submitted. .

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You do, if you haven't paid the appropriate level of Preliminary Tax the previous October/November.

But, if this is an issue, it is possible to do the return earlier in the year and delay filing it until near the deadline.

This year, I found that my ROS cert was not working properly and I had to apply for a new one. In a previous year, my password had expired.

If you find a problem and need to take professional advice, it will be difficult to get it in October or November.

So do it early.

Brendan

Thanks T and Brendan.

For OT reasons, I'm going to submit my 2014 tax return on 1st Jan 2015. I've paid my preliminary 2014 tax, along with what I owed during 2013 - so hopefully it won't be a massive shock. Because I need to get my self assessment info pronto for 2014, do you see any road blocks for doing it so early?

Normally I get my accountant to file it, but I'm well able to, so I think the 'filling out' part should go ok.

It's crazy that 58,000 files were uploaded on the final day this year. The software must be very resilient to crashing!

For the last couple of years I've submitted my tax return in the first day or two of January. It's no problem.