The lights are twinkling, the smell of mulled wine and mince pies are in the air. Yes, that’s right, Christmas time is here! Whilst most businesses are starting to slow down ready for the festive close down, we (and all other accountants out there) are working at 100mph to make sure that all the tax returns get filed before the end of January.
The tax year in the UK runs from 6th April to the 5th April each year, and taxpayers have until 31st January of the following year to get their tax return prepared and submitted to HMRC in order to avoid fines. Yes, your calculations are correct, that is in fact 10 months! With that in mind it’s shocking the number of people who still manage to file late each year, and even more concerning are some of the excuses that are given. HMRC released a list of some of their “oddest excuses” which included:
- My bad back means that I can’t go upstairs, and that’s where my tax return is (a taxi driver)
- My wife won’t give me my mail (self-employed trader)
- My pet goldfish died (self-employed builder)
- I’ve been too busy submitting my client’s tax returns (London accountant)
All of these people received late filing penalties, that currently start at £100.
We do absolutely everything we can to help our clients avoid those late filing penalties, including a lot of “reminding with authority” (also known amongst some as “nagging”), which is thoroughly appreciated by every client who has been on the receiving end. They live safe in the knowledge that there will never be a year that goes by where we haven’t contacted them multiple times to ensure their filing deadlines are met.
Our aim each year is to get at least 90% of our tax returns filed before Christmas, and we are making our last big push to ensure that happens!
One final thought for you in this festive season…whilst you are tucking into your turkey and pulling those crackers, perhaps spare a thought for the people who have decided that Christmas day would be the perfect opportunity to file their self-assessment tax return. Yes, that’s right, last year 3,275 people filed their self-assessment tax return on Christmas day, which was an increase on the 2,828 people who submitted on Christmas day 2021.
However you choose to spend your day, the whole team at Accounting Connections would like to wish you all the best for your festive celebrations.
Until next time readers….stay connected 😉
