Just 35% of UK adults are confident they could complete the self assessment tax
return form correctly, according to research by 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.'
Internet link: Standard Life website