Christmas Eve was the busiest of the three-day holiday, with huge numbers of self-employed submitting tax returns “well ahead” of the Self Assessment deadline
While Christmas is typically a quieter time of year for the self-employed, not everyone had their feet up over the festive period.
Over 40,000 individuals completed the Self Assessment over Christmas Eve, Christmas Day and Boxing Day – getting “well ahead” and submitting their tax returns more than a month before the deadline.
This is according to an analysis from HMRC, which the tax authority has published as it urges others to complete their Self Assessments before the deadline gets any closer.
In total, 40,072 taxpayers filed their tax returns over the three days of Christmas, getting their admin finished before settling down to enjoy the festivities.
However, many more tax returns are due to be completed ahead of the 31st January deadline; in 2023, a record 11.5m were filed with HMRC. As such, while the tax office is impressed with its festive figures, it is urging those yet to finalise their tax returns to “start now”.
Festive filing bonanza
Rather than running around looking for last-minute presents or getting ahead of the curve with Christmas Day cooking, a total of 23,731 taxpayers filed their tax returns on Christmas Eve. The most popular time to submit was between 11 and 11.59am when 3548 tax returns were submitted.
Instead of tuning in for the King’s Speech on Christmas Day, between 3 and 3.59pm, 368 taxpayers completed their Self Assessments, with a total of 4409 filed on the day.
On Boxing Day, 11,932 Self Assessment taxpayers missed out on turkey sandwiches, focusing instead on getting their tax affairs wrapped up ahead of the new year.
Still time to submit Self Assessment before deadline
Following the analysis released last week, Myrtle Lloyd – HMRC’s Director General for Customer Services – said those who had already submitted their tax return could rest easy “knowing they’ve got it wrapped up for another year”.
Lloyd also urged those yet to get started to do so before the 31st January deadline, reminding these taxpayers that HMRC’s online service is “available 365 days a year”.
HMRC has also pointed taxpayers to its online resources to help them understand whether they need to complete the Self Assessment. If you are unsure if you must file a tax return, you can review the guidance here.
Generally, anyone earning a gross income over £1000 from self-employed activities will need to file a tax return to inform HMRC of taxable earnings, though there are other factors to consider, including whether you are in receipt of certain benefits.
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