The deadline for self-assessment tax returns is fast approaching and HM Revenue & Customs (HMRC) is waiting with open arms for millions of documents to come flooding in.
Come 31 January, millions of people will still face a £100 fine if they do not get their forms in before the midnight deadline.
But there is no need to worry. In this video, former The Apprentice winner Tim Campbell gives his top tips for late tax returners.
A new study has revealed that one in 10 self-employed people or small businesses still haven't finished their self-assessment tax returns.
The study released today by business software provider Xero showed more than a quarter of small businesses believe other accounting issues such as slow or late payments are the biggest obstacles to the success of their business, with the same number saying chasing payments is one of the most difficult parts of running a business.
According to the new research, one in ten say their lack of accounting knowledge is a real concern to them.
And these inefficiencies are costing businesses a significant amount of money and time with the average business saying they have lost almost £90,000 because of bad practices, equating to over £450 billion in lost revenue. Furthermore, businesses run by men are likely to lose up to £96,000 compared to female led businesses, which estimate an average £78,000 loss as a result of bad practice.
But it's not just money – the average SME in the UK has been set back a minimum of 12 months as a result of these inefficiencies as they are unable to focus on other areas of the business.
So it's no surprise then that one in six businesses surveyed say they would like their accountancy and payment systems to be more efficient. One in ten predict that this is likely to stand in the way of a successful 2015.
If businesses in the UK could start over, 17% admit that they would put better systems in place to ensure the business runs smoothly, whereas one in 10 would have started a different business in a different sector and 20% would just have hired 'better' people.