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Fact finding, publicity, rumour and speculation…. and not a little procrastination besides. January is nearly over and that means only one thing – it’s deadline day.
But which deadline will affect you most? Sports fans may point to the 31st January as football transfer deadline day but for many others the 31st is more important as the day on which self assessment tax returns, and payments, have to be with HMRC. Failure to meet this deadline means an initial fine of £100; and with, at the time of writing, more than one million returns outstanding, that is a fair boost for the Treasury’s coffers.
The numbers of those due to submit their returns has swelled this year thanks to all high rate earners who receive child benefit being drawn into the net. Add in those who have received PPI compensation interest without deduction of tax and HMRC estimates that around 10.9m people were due to submit a return for the 2012/13 tax year.
Interestingly, those living in Central London are the worst offenders when it comes to submitting returns on time. Against a national average of 7% of returns being late, last year 11% of returns from central Londoners failed to meet the deadline. We’re not sure what this says about them but we hope that they don’t act the same way in business. A culture of brinkmanship in which deadlines are constantly pushed or exceeded can lead to internal strife, a poor reputation and low levels of employee engagement.