Here are 4 very good reasons to file your tax return in December, other than avoiding late filing penalties which can be up to £1,200. 

  • It can take longer than expected to gather the additional information for your return. For example getting pay details from employers or your UTR from HMRC. These are not acceptable excuses for filing late.
  • If you do have any unexpected taxes to pay it gives you more time to work out what you need to pay and how you can make the payment
  • You may be due a tax refund. If you process your return in December you could guarantee yourself a Christmas present from HMRC
  • You can properly enjoy your turkey knowing you don’t have the stress of your tax return to worry about in January! (if you aren’t flat out on charter that is!)

Remember: If you are British and work on a Yacht you MUST declare your income by filing a tax return every year. There are potentially Heavy fines for those who are caught for not filing.