Wealth Design News

Christmas Day and Boxing Day prove to be very popular for filing Self Assessment returns. HMRC has reported that over 10,000 Self Assessment tax returns were filed over Christmas Day and Boxing Day. For many completing their tax return may not be a top priority on Christmas Day, but for some taxpayers completing their return on Christmas Day is as traditional as spending time with family and friends, or waiting for the Boxing Day sales to start, says HMRC.

With this in mind, now is a good time to remind clients that the online Self Assessment deadline of 31 January is round the corner. More importantly, failing to submit the return and pay any tax due could be costly for clients as penalties will be levied. Also for those who completed a Self Assessment tax return last year but didn’t have any tax to pay, they still need to complete a 2017 to 2018 tax return unless HMRC has written to them to say that it is not required.