SMEs encouraged to get ahead on self-assessments as new tax year begins

As the new tax year gets underway, Informi, the website offering free practical advice and support for small businesses, is calling on those who can to consider submitting their 2019/20 tax returns at the earliest opportunity – and get a head start for the new decade. 

Figures obtained exclusively by Informi from HM Revenue & Customs (HMRC) show that almost five million people completed their 2018/19 tax returns online in January 2020 – 45.6% of the overall total – with a further 177,745 submitting theirs in February after the deadline, triggering an automatic fine. In contrast, just 4.6% of tax returns were submitted online in April 2019, despite this being the period when people are more likely to have all the necessary paperwork together to submit their details for the previous tax year.

Aside from January, the next most popular months to complete tax returns were December, November and July.

Steven Drew, spokesperson for Informi, said:  “We know that many people required to submit their tax returns will be battling to keep financially afloat during the ongoing coronavirus (Covid-19) pandemic. Obviously, the priority should be for them to ensure they manage their finances as well as possible at this time.”