Over 3 million people are yet to submit their tax returns ahead of the 31st of January deadline. So are we heading for the normal crash of systems on the evening of the 30th of Jan or are more people getting ahead of the game?
Around 8 million people have submitted their tax returns already and with the systems getting easier to use its hard to fathom why so many people leave it until the last minute.
This Christmas was a bumper time for tax return submissions, 6000 were done on Christmas Eve, 2500 on Christmas Day and over 7500 done on Boxing Day. I suppose it gets it out of the way and stops you having to watch the awful selection of Christmas TV!
Delaying your tax return is an expensive hobby with a mandatory £100 fine, even if you don’t owe any tax. The fines then escalate all the while your return is outstanding. As the tax office says, the seven-day clock to the 31st of Jan is now ticking so get on with it!
So why do so many people put it off and what do you need to make the process easier.
The way to crack your tax return is to be prepared, have your P60 to hand as that has most of your information on it, get a consolidated interest certificate from your bank and we can provide the rest. If we have recommended a platform for your investments then all the info you need to complete your return is on there. It tells you what you have made over the year, what income you have taken and from what source so you simply transpose the information over to your tax return and that’s it done. If you are unsure of how to find this information then do ask as we are happy to show you or get print outs of the relevant sections. We can also talk directly with your accountant/book keeper if that is easier for you and get the info over to them so no reason to delay.
If having done your tax return you are paying too much tax then talk to us, there are ways of reducing your tax liability with your investment planning and how you take your income so these are discussions to have as they can save you money.
Wendy Devlin Dip CII, CeFA, CeMap (MP & ER)
This information is provided strictly for general consideration only. No action must be taken or refrained from based on its contents alone. Accordingly, no responsibility can be assumed for any loss occasioned in connection with the content hereof and any such action or inaction. Professional advice is necessary for every case. Based upon our understanding of UK tax law at December 2017. The value of investments can fall as well as rise and you may not get back the full value of your investment