Every year, as the festive spirit envelops the United Kingdom, a surprising number of individuals turn to their Self Assessment tax returns, finding time amidst the holiday festivities to complete and file them ...
Did you file your Self Assessment tax return over the festive period? You're in good company!
The latest figures released by HMRC reveal that an impressive 40,072 taxpayers completed their Self Assessment tax returns during the Christmas break this year. Among this number, an incredible 4,409 individuals chose to file their returns on Christmas Day itself, a day typically reserved for family gatherings and festive indulgence, and a staggering 25,000 filed on New Year's Day.
The popularity of festive filing highlights not just the efficiency of online services, but also the growing awareness of the importance of timely Self Assessment submissions!
The data reflects trends indicating that many taxpayers are becoming increasingly proactive in managing their tax obligations. For those who may have overlooked this important task, engaging with their Self Assessment tax return well before the 31st of January deadline can lead to a stress-free start to the new year.
Interestingly, the data shows specific peak times during the festive period for those filing their tax returns. Most notably, Christmas Eve saw a wave of 23,731 submissions, with the most active hour being between 11:00 to 11:59. Meanwhile, Boxing Day proved popular too, with 11,932 individuals choosing to file after Christmas celebrations. As I mentioned above, New Year's Day saw around 25,000 submissions.
HMRC is conscious that filing a Self Assessment tax return is not merely a bureaucratic necessity; it's an opportunity for many to reflect on their income sources and ensure their financial health is prioritised. Individuals who sell goods or provide services online are particularly encouraged to assess their tax obligations, as navigating this landscape can sometimes be bewildering.
"Guidance notes and YouTube videos are readily available online helping taxpayers navigate the specifics of their filing responsibilities!"
While the holiday period is often filled with joy and relaxation, it simultaneously serves as a crucial reminder of the responsibilities that accompany self-employment in the UK. As the deadline for submitting Self Assessment tax returns rapidly approaches, individuals who have completed their returns can now relax, knowing they have successfully tackled this annual obligation.
In contrast, those who have yet to begin should consider utilising the available online resources, ensuring the new year remains undisturbed by looming tax deadlines, or they can speak to my team at Essendon Accounts & Tax.
In most cases, we can get their Self Assessment tax return done quickly and efficiently.
Until next time ...
ROGER EDDOWES Business Godparent
Would you like to know more?
If anything I've written in this blog post resonates with you and you'd like to discover more about your Self Assessment tax return, it could be a great idea to call me on 01908 774320 and let's see how I can help.
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Roger trained at Edward Thomas Peirson & Sons in Market Harborough before working at Hartwell & Co, followed by Chancery, as a partner. He started Essendon Accounts and Tax with Helen Beaumont in 2014 as a general practitioner with a hands-on approach.
Roger loves getting his hands dirty, working with emerging, small-to-medium and family businesses to ensure they receive the best possible accountancy advice. Roger utilises an extensive network of business contacts to leverage the best guidance and practical solutions.
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