Six million tax returns still to be filed ahead of deadline

Almost six million taxpayers were yet to submit their 2015/16 self-assessment tax returns at the end of 2016, amounting to more than half of the 11 million-plus people eligible to submit returns.

Last year, some 870,000 taxpayers missed the January deadline for 2014/15 self-assessment tax returns and were immediately liable for the £100 late filing penalty issued by HM Revenue & Customs (HMRC), plus additional penalties if the returns were submitted more than three months late.

Filing a self-assessment tax return appears to be becoming something of a struggle for many taxpayers, according to new research carried out by YouGov.

The survey indicates almost two-million taxpayers will spend almost an entire working day preparing their self-assessment tax return. Almost half (45%) of UK sole traders eligible for self-assessment say it takes them at least five hours to file their tax return, while more than a fifth (22%) said it took more than 10 hours.

In addition, 55% of sole traders surveyed admitted to actively disliking the self-assessment process.

Admittedly, the UK boasts one of the largest tax codes in the world, so preparing even the most straightforward tax return can be a complicated process.

That’s why your local TaxAssist Accountant is on-hand to help you calculate your tax liabilities, complete your tax return and submit it to HMRC using approved software.

With time running out to submit your 2015/16 tax return, why not get in touch with our friendly team today to let us help you take the worry away and allow you to concentrate on doing what you do best: running your business.

Simply give us a call on 020 3941 2011 or drop us a line using our online enquiry form to get the ball rolling and avoid those unnecessary late filing penalties.

Date published 10 Jan 2017 | Last updated 10 Jan 2017