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Making Time for Tax

Twelfth night has passed, the Christmas decorations have been boxed away for another year, and it’s time to look ahead at what 2025 might bring.  But first there is one important duty which we can’t neglect.  No, not the buying of the Easter Eggs which already seem to be in the shops, but the filing of the annual tax return and the payment of any tax due.

If you miss the 31 January deadline, an immediate fine of £100 could be coming your way, followed by further fines if returns still aren’t submitted.  According to an HMRC press release (6 January 2025), as of that date some 5.4 million people had still to file their returns. The HMRC announcement also highlighted the 24/7 availability of the online tax return system; commenting that 310 people even filed their returns in the hour leading up to midnight on 31 December 2024. However, they also stressed that if this is the first time a return has had to be filed, individuals will have to register first and that process can take some time, so leaving it to the last minute is not an ideal option.

If you are looking for advice on pensions or investments or if your situation has changed and you may therefore need to review your existing pensions or investments, contact Beckworth by using one of the links on our website.