Coronavirus Job Retention Bonus: Further Information Released
It seems that were many contractors spending Christmas Day catching up on important filing, as HMRC reported a 1% year-on-year rise in the number of people filling out their tax returns.
Figures taken from HM Revenue & Customs found that during Christmas Day 2013, as many as 1,566 people in the UK were filing their online tax return for the tax year 2012/13, with the busiest time of day being from midday to 1pm. This perhaps suggests that for the 144 people who submitted at this time, they spent time in the ‘office’ getting the filing out of the way before sitting down to their Christmas dinner.
These recent figures are very similar when compared to Christmas 2012, when there were 1,548 contractors and Limited company owners organising their tax returns on what is traditionally meant to be a day off of work…
HMRC reported that in total, there were 23,059 tax returns completed online over Christmas Eve, Christmas Day and Boxing Day, which shows a 12% increase compared to the previous years’ festive season, with 20,563.
It was also found that Christmas Eve had 17,000 people submitting their tax returns (a 19% increase compares to the previous year), however, Boxing Day actually had a 4% decrease, with 4,493 people filling out their Self-Assessment return compared to 4,685 in 2012.
Contractors must submit their 2012/13 tax return by 31st January 2013, or face fines from HMRC. For those who fail to do so will be given a £100 fine immediately, as well as being fined a certain amount for every day that it is late.
Visit HMRC’s Self-Assessment page to start the process of submitting your tax return. Talk to your contractor accountant for further advice on this subject.
If you’re yet to complete your tax return and are looking at what expenses you can or can’t claim, read our comprehensive contractors guide to company expenses for information on what you can claim, how expenses affect your tax bill and what is classed as a valid business expense.
If you have any further questions about contracting, or would like to book a free face to face meeting with a member of our New business team, please call 01442 275789 or email email@example.com.
Necessary cookies are absolutely essential for the website to function properly. This category only includes cookies that ensures basic functionalities and security features of the website. These cookies do not store any personal information.
Any cookies that may not be particularly necessary for the website to function and is used specifically to collect user personal data via analytics, ads, other embedded contents are termed as non-necessary cookies. It is mandatory to procure user consent prior to running these cookies on your website.