29 Jan 2024
Just 35% of UK adults are confident they could complete the self assessment tax return form correctly, according to research Standard Life.
Three in ten UK adults admit they do not feel confident they could complete the form correctly. A further 18% said they felt neither confident nor unconfident while 17% were not sure.
The research highlighted a widespread lack of awareness around self assessment timings, with more than half not knowing when the deadline for filing is.
In addition, among those who are currently, or soon will be, in the higher income tax bracket, 41% are unaware that they might need to fill in a self assessment tax return to claim all their pension tax relief.
Dean Butler, Managing Director for Retail Direct at Standard Life, said: 'The deadline for filing self-assessment tax returns is fast approaching, with returns needing to be submitted online by midnight on 31 January. So, if you're one of the categories of people who needs to send a tax return then now is the time to act.
'Tax returns can be tempting to put off, but it's important to understand what's required and file it on time to avoid any penalties which can be costly. Tackling the forms in advance, rather than leaving it to the last minute, will give you the time to gather the information needed and make the submission as stress free as possible.'
If you require advice or assistance with self assessment please get in touch.