Figures from HM Revenue & Customs has revealed that more than 6,500 people submitted their tax return on Christmas Eve last year, while an incredible 2,500 taxpayers completed their return on the big day itself.
With this in mind, the team of award-winning specialists at Salhan Accountants in Birmingham and Droitwich are calling on taxpayers to get their returns in sooner to avoid the festive rush – and the risk of submitting late.
People have until 31 January 2019 to complete their tax return online, and yet year after year thousands are penalised for failing to file the necessary information on time.
Dr Anjulika Salhan, Director at Salhan Accountants, said: “This time of year should be about relaxing and spending time with your family, not worrying about your tax return being in on time.
“Completing a return is something that many people put off until the last minute, but by completing it earlier taxpayers not only relieve the stress but can also use the information to help plan their affairs for the year ahead.”
With big changes on the horizon with the launch of Making Tax Digital in April 2019, Dr Salhan said that now was the perfect time for individuals to review how they handled their tax affairs.
“The Government has taken big steps to introduce the new digital tax system, which will eventually include Personal Tax Accounts (PTAs) for every individual in the UK, regardless of whether they are required to submit a tax return or not,” explained Dr Salhan.
“While businesses are focusing on their compliance with this new system, those who currently file using a tax return will eventually be moved on to the Personal Tax Accounts, where they will be able to access all of their information, including some sections which may be prepopulated thanks to HMRC’s collaboration with banks and other financial institutions.”
Failing to submit a self-assessment tax return on time could lead to an automatic fine of £100, while those who leave it longer could face an increasing scale of penalties depending on how late their submissions are filed.
If you would like assistance with your tax return, please contact Salhan Accountants by calling 0121 455 7475/ 01905 953005 or visiting salhanaccountants.co.uk
