Preparing for Christmas isn’t just about spending money on presents, decorations, food
and drink it should also be about saving money on your tax bill.

The deadline for submitting self-assessment tax returns for 2012/13 is 31 January 2014.    It
may still seem a while off but if you want to minimise your tax bill, avoid
paying higher fees to your accountant and make sure you don’t pay any penalties
to HMRC then the time for action is now!

1. Contact your accountant straightaway

Most accountants are already busy working on their clients’ tax returns and they’ll need a
holiday too over Christmas.  So you should get in touch as soon as possible to book an appointment.   Many accountants also charge extra for completing tax returns in January and may not be able to guarantee to be able to complete your return in time for the deadline.

2. Assemble your receipts and financial records

To make sure you don’t pay too much tax you’ll need to have all your receipts, bank
statements and other financial records to hand.  Many people don’t have everything neatly filed away so it can take time to provide all the information to their accountant.  If you don’t plan ahead and get your records ready then you can end up missing the filing deadline or paying too much tax.

3. Complete your accounts and tax return before Christmas

With a fixed penalty of £100 levied by HMRC if your tax return is filed late then why run
the risk of missing the 31 January deadline?  If you complete your accounts and tax return now then you will be able to relax and enjoy Christmas.

4. Don’t get fined by HMRC

Each year over half-a-million tax payers miss the January deadline and receive an
automatic £100 fine from HMRC.  Anyone filing their returns late can also have to pay interest on any overdue tax due and the penalties increase the later the return is filed.