11,000 tax returns filed over Christmas!
Figures from HMRC reveal that 2,616 tax returns were filed last month on 25th December; 204 from 12am-8am, 1,372 from 8am-4pm and a further 1,040 from 4pm-12am. A grand total of 8465 tax returns were submitted on Boxing Day including 348 before 8am. HMRC director-general for customer services Angela MacDonald said: "Whether you fit it in while cooking the Christmas turkey, after the kids have gone to bed, or after the Queen's Speech, our online service is available for you to file your tax return at a time that suits you." This should prove that it should be straight-forward right? While for some, filing a tax return is a laborious task that can be rather confusing and strenuous, with top tips from LWA you can make the tax return process much easier; and you only have 3 weeks to send it in!
First step – organisation There’s no reason to begin sorting your tax return haphazardly! Save yourself time and stress by organising all your paperwork, and once you’ve completed this tax return, why not prepare for next year by setting up a system to keep all your current and future paperwork nicely organised? Double check tax codes It’s quite easy to pay the wrong amount of tax if you use the incorrect tax code, therefore if your circumstances have changed significantly during the last tax period, it’d be beneficial to check you have the right tax code with HMRC. If you are unsure whether you have the correct code be sure to get in touch with HMRC as soon as possible. Remember to claim expenses and allowances You are entitled to a certain amount of benefits and allowances, this includes the marriage allowance (find out more about this in our blog) and even travel costs, so remember to claim those that are applicable to you and your business. Applicants for the marriage allowance can also claim back the previous tax year – it’s worth checking if you’re eligible! Better still – hire an accountant! If you are finding it difficult or overwhelming to complete your tax return, or simply don’t have the time or staff resources, let an experienced accountant file it for you. Finally, it’s important to note that you will receive a fine of £100 for filing your return just one day late, which can rise significantly to £1,000 after 6 months. If you would like some support in filing your tax return, get in touch with a member of our expert team at Leavitt Walmsley Acountants (LWA) in Warrington on 01925 830 830 or in Manchester on 0161 905 1801. https://www.lwaltd.com