THE Christmas break might be the perfect opportunity to get your finances in order.

Mandy Gibson, tax supervisor at West Swindon-based accountancy and law firm Optimum Services, said the Christmas lull should give people a chance to do some financial housekeeping.

“The deadline for online tax returns to be filed, for the tax year 2017/18, is midnight on January 31 and it’s already too late to file a paper version,” she said.

"Any submitted later incur an automatic £100 penalty, even if there is no tax to pay or any tax due has been paid. And there are additional penalties the longer the delay.”

The festive break might also be a chance to take advantage of tax-free allowances.

The annual ISA savings allowance is £20,000, and tax relief available for pensions for 2018/19 is £40,000, which must be topped up by the end of the financial year in April.

Mandy added: “Making as much use as possible of the tax allowances available really does make sense.

"Careful tax planning can help reduce people’s tax burden leaving more in their savings or pension pots and less going to HMRC.”