We know you’re probably busy roasting meat and wrapping presents, but have you done your tax return yet?
With the tax deadline looming, tens of thousands of the UK’s self-employed workers are set to file their tax returns over the festive period.
- How to register as self-employed with HMRC
- What ‘making tax digital’ means for the self-employed
- Self-employed checklist for new business owners
- What type of business insurance do I need?
Turkey with a side of tax
Figures from HMRC show that last year, over 2,000 people filed their tax returns on Christmas day, over 5,000 on Boxing Day, and a whopping 24,546 tax returns were submitted on New Year’s Eve.
The numbers are perhaps not so surprising, given that nearly half a million small business owners won’t be taking any time off over Christmas.
The January tax return deadline
The deadline for submitting self-assessment tax returns online and paying any tax owed is midnight on the 31 January.
A poll by software company GoSimpleTax.com found that 20 per cent of self-employed people have submitted their tax return late at least once, while 10 per cent have been late up to four times.
Each year, HMRC receives a whole bunch of weird and wonderful tax return excuses from the classic ‘my dog ate it’, to more leftfield reasons like ‘my niece made my house untidy’.
A fine of £100 is imposed if your tax return is late, and if it’s more than three months late then you’ll have to pay more.
Tradesmen admit to messy tax affairs
According to the survey, eight out of 10 business owners claim to be on the ball when it comes to their taxes.
However, it varies a lot according to business type: those working in education, media and finance are particularly well-organised, but three quarters of construction industry workers say their tax affairs are ‘all over the place.’
Are you feeling smug about finishing your tax return, or will you be filing over Christmas? Tell us in the comments.
Looking for self-employed insurance?
With Simply Business you can build a single self employed insurance policy combining the covers that are relevant to you. Whether it’s public liability insurance, professional indemnity or whatever else you need, we’ll run you a quick quote online, and let you decide if we’re a good fit.