Each year, hundreds of thousands of people leave their Self Assessment tax returns until the last minute before submitting them. With just 100 days to go until deadline day, it's time to get ahead of the game.
Deadline Day Daredevils
If you're self-employed, you could have completed your tax return for the 2017/18 tax year from as early as 6th April this year. Let's be honest though: We're all busy and, more often than not, this just doesn't happen.
According to HMRC, more than 11 million self-employed people completed a Self Assessment tax return for 2016/17. Of these people, 10.7 million submitted their return on time.
Lots of people, however, waited until the last minute. Did you know that 44% of Self Assessment submissions occurred in January last year, totalling 4,852,744 people. There were also a staggering amount of deadline day daredevils who waited until 31st January to file their tax returns – 758,707 in fact!
The Countdown Begins
There are now just 100 days left until the next deadline day. That shouldn't mean you should wait until the last minute.
The sooner you get your financial affairs in order, the easier it will be.
In a recent statement, Angela MacDonald, HMRC’s Director General for Customer Services said, "The deadline for completing Self Assessment tax returns may be 100 days away, yet many of us wait until January to start the process. Time flies once the festive period is underway, yet the ‘niggle’ to file your tax return remains."
“We want to help people get their tax returns right – starting the process early and giving yourself time to gather all the information you need will help avoid the last minute, stressful rush to complete it on time. Let’s beat that niggle.”
Last year, £32.7 billion in revenue was collected by the Treasury, funding a wide range of important public services.
A Helping Hand
If you're stuck or would like some advice on submitting your tax return, we have a team of in-house experts at the ready to help you through every step of the process.
The deadline for paper tax returns is 31 October 2018, and the deadline for online tax returns and paying any tax owed is 31 January 2019. If customers miss the deadline, they can face a minimum £100 penalty for late submissions.
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