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Christmas Day tax returns possible for up to 23,000 taxpayers

As many as 23,000 taxpayers are expected to file their self-assessment tax returns on Christmas Day this year, based on last year’s figures.

In 2013, 23,059 people submitted their self-assessment returns between Christmas and Boxing Day, with thousands of taxpayers using their time off work to tot up their income and file a return online.

Around nine million self-employed professionals are required to submit a tax return ahead of the 31st January 2015 deadline; including business partners and pensioners with an income of £100,000 or more or those with a pre-tax investment income of £10,000 or more.

In order to complete their self-assessment return, taxpayers will need documents such as dividend vouchers, interest statements and Forms P60 and P11D from employment.

However, there are costly mistakes that taxpayers make every year. Any missed out income can incur a penalty, as well as interest and surcharges on any tax owed.

No matter how small the balance may be, it is important to include all sources of income and gains.

One of the most useful aspects of filing your self-assessment return online is that you can alter your return up until the 31st January deadline.

It’s also possible to part-save your return and come back to it if, for instance, you need to find further information or if you don’t have enough time to complete it in one go.

Unless your business finances are very simple and you’re the smallest of sole traders it might be wise to seek advice from an accountant to help you prepare or check your tax return.

At TaxAssist Accountants we use HM Revenue and Customs (HMRC) approved software to help you complete and file your tax returns on time and for the right amount.

We can analyse your self-assessment return to see if any tax savings can be made and we can also review the form to see if there are any anomalies that need to be addressed before the return is submitted.

If you would like a free initial consultation with your nearest TaxAssist accountant contact our friendly team via email or call 0800 0523 555.

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0800 0523 555

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