Are we a nation of tax procrastinators?

New knowledge revealed as we speak has revealed that solely a 3rd of tax returns are filed by mid-October, despite the fact that people have already had eight and a half months to finish their self-assessment documentation.

The statistics, which had been launched to untied by HMRC underneath the Freedom of Info Act, present that in a typical yr, solely a 3rd of returns are filed by 20 October.  Nearly half of all returns are filed within the month of January alone, within the final weeks earlier than the deadline of midnight on 31 January.

The info that untied acquired additionally confirmed that over 135,000 returns are filed throughout Christmas week, together with simply over 3,000 on Christmas Day, plus an additional 17,000 on New Yr’s Day (and over 700,000 on 31 January).

Kevin Sefton, CEO of untied, the private tax app, commented: “With two thirds of individuals nonetheless to file their returns, sole merchants, property landlords and excessive earners will wish to keep away from the stress and potential penalties of leaving their tax returns to the final minute.

“HMRC has reported that it will get almost 1,000 returns a day 14 months after the top of every annual deadline, and generally 500 a day 26 months after.  The longer the delay in submitting the varieties, the larger the dimensions of the penalties.

“There are three and a half months to go till the submitting deadline and our recommendation is to start out getting your taxes so as now.  Taxes typically really feel overwhelming however the sooner you begin, the higher.  Attempting to get them in by the start of December offers you just a little wiggle room if different issues crop up.”

untied believes that folks ought to be targeted on their lives and companies, not worrying about their receipts or their taxes and paperwork.  That’s the place the untied app is available in – it permits self-employed and multi-income taxpayers to make use of open banking and different knowledge, to seize, handle and submit private tax returns.

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Are we a nation of tax procrastinators?

Are we a nation of tax procrastinators?