The number of self assessment tax returns which were submitted to HM Revenue & Customs on Christmas day and Boxing day increased substantially this year. In 2009, the number of tax returns submitted on Christmas Day was 620, increasing to 845 this year. Boxing Day saw even more tax return submissions, with 2,408 being filed online.
As the deadline for the submission of online tax returns approaches, many businesses struggle to find the time to complete and file their returns, leaving them at risk of receiving a £100 fine. As most people, including business owners, take time off at Christmas, it is often the only time available for completing their tax returns and preparing accounts, rather than spending time with loved ones. A low cost accountants would leave business owners, including sole traders and limited companies, with more time to spend on other aspects of their life, whilst maximising income.
According to experts, approximately 10 percent of people miss the deadline for filing their tax return, with £116 million being paid to HMRC in late filing penalties. A further £310 million is expected to be paid as a result of tax owed being miscalculated. Any tax which remains unpaid from earlier years will also attract penalties, with added interest. For some business owners, it is preferable to miss out on festive celebrations than risk penalty payments and fines, which can add up to £60 each day.
Online accountancy firms work hard all year on your behalf to ensure that your self assessment tax return is completed accurately, in a timely manner, eradicating the risk of additional costs being incurred.