No matter when they are uttered, the words ‘self-assessment tax return’ can often induce feelings of fear and unease in those required to file one. This lack of enthusiasm then often leads to a lot of ‘foot-dragging’.
Though the 31st January deadline remains a constant in the tax calendar, procrastination still sees thousands of taxpayers cutting it fine every year. As Christmas comes and goes, they watch the days in January tick past until their time is almost up and they realise that they can’t avoid the inevitable any longer.
If this sounds familiar, revel only briefly in the fact that you are not alone. In January 2018, 2.6 million people had still not filed their return by the 29th January. Over 6% of all returns due were filed in the final 24-hour window – yet, some 745,588 people still missed the deadline completely.
The truth of the matter is, it’s far better to file early than to risk finding yourself in tax-related trouble. If you still need convincing, then read on…