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More people to complete tax returns in January

More people are expected to have filled in tax return forms in the period following Christmas, according to a recent report.

Whilst many people may have spent Christmas relaxing in front of festive television programmes or spending time with relatives, many contractors will have found that work does not stop for the holidays. Whilst working as a contractor does bring freedom and flexibility, there are certain unavoidable pieces of work that need to be completed regardless of the festivities taking place.

The UK self-assessment tax deadline is 31st January 2013, and many contractors have chosen to get a head start on this deadline by tackling their self-assessment tax returns over the Christmas period. Recent self-assessment figures showed that a third more people completed their tax return in 2012 on boxing day than in 2011, and Christmas day saw a 40 per cent increase in the number of self-assessment tax forms being submitted online. This may be down to contractors taking advantage of the bank holiday to spend time working out how to fill in the forms.

Tax returns can be challenging to complete but are an essential part of being a contractor. To ensure that tax returns are done correctly, most contractors employ contractor accountants; this guarantees that the correct amount of tax is being paid. Accountants for contractors in and around Chester, the Wirral and Liverpool often find themselves in demand after the festive season as contractors rush to ensure their tax returns are in order.

Posted by Louise
January 7, 2013
Tax

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