Thousands file self-assessment tax returns at Christmas

More than 10,000 self-assessment tax returns were submitted online during Christmas Day and Boxing Day, according to new figures released by HM Revenue & Customs (HMRC).

Although staying up-to-date with your tax records might not be at the top of your priority list when preparing the turkey dinner, some 2,616 taxpayers opted to file their self-assessment returns on Christmas Day.

The most popular time of the day was between 8.01am and 4pm, when 1,372 filed their records for the 2017/18 financial year to HMRC.

Angela MacDonald, Director General for Customer Services, HMRC, said: “Whether you fit [self-assessment returns] in while cooking the Christmas turkey, or after the kids have gone to bed, or after the Queen’s Speech, our online service is available for you to file your tax return at a time that suits you.”

11.5 million UK-based taxpayers are expected to submit a self-assessment tax return for the 2017/18 financial year by 31st January 2019.

Some 88% of the six million-plus tax returns already filed for 2017/18 have been submitted online, indicating that the vast majority of UK taxpayers are adapting well to the shift towards Making Tax Digital (MTD).

However, HMRC has warned that almost half (48%) of these are yet to file their returns and now have less than a month to finalise their self-assessment and pay any tax owed.

Mel Stride, Financial Secretary to the Treasury, said: “It is encouraging that around 52% of taxpayers have already completed their self-assessment tax returns.

“With less than one month to go before the deadline, there are still many people that need to act now.”

Individuals need to prepare and submit a self-assessment tax return for the 2017/18 financial year if they:

• Earned over £2,500 from letting property
• Or their partner received Child Benefit and either of them had an annual income of more than £50,000
• Receive over £2,5000 in untaxed income e.g. commission or tips
• Are self-employed sole traders
• Are directors of a limited company
• Are company shareholders
• Are employees claiming expenses worth over £2,500
• Have an annual income over £100,000
• Earn income from overseas that is liable for tax

Help is at hand

If you are having to complete a self-assessment tax return for the first time and don’t know where to begin, your local TaxAssist Accountant can help.

Your nearest TaxAssist Accountant will use HMRC-approved software to complete your tax return, calculate your tax liabilities, submit the return online and liaise with you on the amounts to be paid and their respective due dates.

This comprehensive service is available for a fixed, competitive price. To arrange a free initial consultation on self-assessment ahead of the 31st January 2019 deadline with your local TaxAssist Accountant call 0116 303 2060 or drop us a line using our online enquiry form.

Last updated: 3rd January 2019