“Four calling birds, three French hens, two turtle doves and a tax return to HMRC”
Is ‘submit Self Assessment tax return’ becoming our new Christmas tradition?
The ‘festive tax return’ would be considered an oxymoron to most people, but HMRC have reported that almost 15,000 taxpayers filed their online Self Assessment tax returns between Christmas Eve and Boxing Day.
- Christmas Eve – 6,214 online submissions
- Christmas Day – 1,944 online submissions, a few less than last year’s figure
- Boxing Day – 6,200 online submissions, nearly 800 more than last year
This beats the 31st January deadline by a month and ensures that no late penalties are incurred. Considering that this is a minimum amount of £100 for being no more than 3 months late (then it rises), this level of organisation is sensible.
What about sending my tax return in the post?
If you were intending to deliver a paper Self Assessment tax return, you have completely missed the 31st October deadline and need to quickly get organised for January 31st.
More taxpayers using the system
The so-called ‘Gig economy’, comprising new business enterprises and freelancers, is growing – which means more taxpayers joining the Self Assessment scheme.
Anyone who has more than one income stream or is self employed is legally obliged to submit a Self Assessment tax return. That means more individuals that are new to a complicated system, all trying to get the correct information to HMRC at the same time of year. No wonder people are using their Bank Holidays to sort it out, even if it is straight after Christmas dinner.
But why during the festive season?
Accountants have various theories about why taxpayers are choosing to do this particular financial job during the festive period. The most practical – they are actually off work and so have the time to complete the forms. There are also a number of people who do not celebrate Christmas, so religious and/or family traditions are not applicable. It is also a legitimate ‘serious paperwork’ reason to avoid any house guests for a few hours!
Whatever the reason, those taxpayers that have already filed can relax in the knowledge that they have met HMRC’s deadline in plenty of time – have you?
