One in four people file their tax return at the last miniue

1 in 4 people file last minute tax returns

With the self assessment period behind us, it is interesting to reflect that according to figures released by HMRC, millions of people left filing their tax return to the last minute.

HMRC said they expect 11.7 million tax returns to be submitted every year and at the beginning of 2020 they had five million tax returns still outstanding; just three days before the deadline, there were still three million outstanding.

Many accountants now charge extra to people who are late in providing their information, simply because the influx of information in January can make it necessary to work very long hours. There is of course also an increased risk to everyone of mistakes being made under pressure. But clearly, the fact that so many returns were so last minute illustrates how much of a panic some people must be in as the end of January approaches.

Not everyone falls into this bracket however; according to HMRC they received over 3,000 tax returns on Christmas day! During the rest of the year, tax returns are filed in dribs and drabs, with an average 545,000 filed each month between April and August. Then from October, numbers pick up gradually before the last-minute rush.

Clearly not everyone makes it in time though; 750,000 people missed the 31 January deadline for filing their tax return making them liable to an immediate £100 fine and netting the Treasury £75,000,000!

How to get onboard with RJP

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Have a free initial discussion with a member of the RJP team to identify ways we can enhance your business's growth with our comprehensive support and strategic advice.

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Choose RJP and we'll smoothly manage all transitions, handling paperwork, coordinating with your current accountant, and ensuring no deadlines are missed for a worry-free experience.

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Finally, we will send you the required documents to sign and return, leaving you to continue leading your business, backed by our abundant, responsive advice and support.

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Here’s what our clients have to say

Hear directly from our clients about how RJP's personal, straightforward approach has made all the difference in their business and personal success.

"I just wanted to drop you a short note to say how grateful I am for the support that RJP has provided over the past 4 weeks while our Financial Controller was away. I struggle to comprehend how much work your staff get through during their weekly visits and they are always a pleasure to have around the office."

"I wanted to write and express our gratitude for your help and hard work in getting Probate through and settling all the taxes. I am so pleased that we selected RJP, as your professional help and updates throughout this process have been invaluable. If at any time in the future Probate assessment may be needed, you will be our first port of call. Once again, many thanks to the whole team."

"I would like to take this opportunity to thank you very much for the amazing job you have done navigating us through this whole process. My family and I also really appreciate the care and compassion demonstrated by you and your team in every dealing. Our thanks to everyone."

"Just a quick e-mail from me to thank you for achieving the target for producing the draft accounts – it is very much appreciated and gives a first class impression of your firm. Many thanks."

"RJP provide our company with a complete service which takes the stress and strain away from the day to day running of our accounts! Their understanding of our business and their patience and advice is invaluable."

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FAQs

At RJP, we understand that keeping a finger on the pulse of your business's health is crucial. That's why we offer management reporting services—think of them as a regular health check for your company. These insights show you the real-time performance of your business, helping you make informed decisions to nurture and grow your enterprise.

We love seeing your business flourish! Growth and improvement are at the heart of our practical advice. From the ins and outs of everyday operations to big-picture strategic moves, we're here to offer clear, actionable steps that can propel your business forward.

We know dealing with the issue of compliance and auditing can be less than thrilling. That's exactly why we're here—to handle the complex stuff so you don't have to. We offer comprehensive compliance services, ensuring everything is up-to-date without you having to wade through a sea of regulations.

Absolutely! There's a world of opportunity out there to support your business financially, and we're well-equipped to be your guide. We can help you understand and access HMRC’s tax relief schemes that are relevant to you and your business, making sure you're not missing out on any potential benefits.

When you need us, we're just a call or an email away—no question is too small or too large. We're known for our quick responses and our fixed fees mean you can reach out without worrying about unexpected costs. Plus, we always keep things simple and straight to the point. We're not just your accountants; we're part of your team, ready to support both your business and personal needs.

1 in 4 people file last minute tax returns