Residency is just one issue causing concern for our favourite bearded Christmas icon, choosing as he does to live - apparently - in a tax jurisdiction with incredibly high income tax rates. No doubt tax will be a million miles from his thoughts this busy week, but his personal tax affairs are a matter of concern for accountants at this time of year.

Tomm Adams, a partner at Blick Rothenberg, said: ‘Tax regulations are becoming ever more complex hitting internationally-mobile clients. Anyone resident in one location but working in another will probably need to be paying taxes in two locations at once, although they should be able to offset one set of liabilities against the other.

‘Santa Claus is a great example. Although Mr Claus remains silent in public about his personal tax affairs, I expect he has one of the most complicated sets of tax filings in the world. Given his very public persona, he would do well to make sure his robins are in a row.

‘Mr Claus appears to be resident in Lapland, a northern region of Finland. Assuming he operates as a sole trader, he’ll be taxed at Finnish rates of up to 55%. I’m surprised he hasn’t looked at relocating to somewhere more favourable – and perhaps with slightly warmer winters. Perhaps Dubai – with zero tax – or Italy, which has a number of attractive regimes for new residents.’

Questions about Santa’s sources of income are also potential risk areas when dealing with tax authorities, wherever they may be.

Adams said: ‘Of course, we wonder what exactly his source of income is. Setting aside any inheritance and gift tax complications, he certainly isn’t generating direct revenues from delivering free toys in nearly 200 tax jurisdictions.

‘I assume his revenues come from payment for his appearances in shopping malls, grottoes and even TV appearances worldwide.

‘Most countries will look to tax their share of Mr Claus’s profits based on his appearances there. That’s a lot of tax filings, all with different deadlines, and interactions with his Finnish taxes. His cashflow is probably bumpier than a snowy sleigh ride.’

As the tax year end approaches, Santa will be like the rest of us, with pesky tax return deadlines in the back of mind. Lapland, or perhaps summer climes, could be where some expert accountants are heading this new year to call on one of their best clients as Santa takes some well deserved rest after his global travels.

Adam agreed, raising the question of whether Santa is sufficiently on top of his tax planning from the boring collection of receipts for carrots to the thornier issues of residency.

‘Could Santa be missing anything in his tax planning?’ Adams questioned. ‘Mr Claus would do well to take some professional advice – at least to make sure he is meeting his obligations in each jurisdiction.’

‘He should keep records of all costs incurred in the course of carrying out his trade: materials for the toys, elf wages, and even carrots for the reindeers. However, fines for illegal parking of sleighs are unlikely to be deductible.

‘While much of the world is winding down for the festive period, do spare a thought for those in their busiest periods, like Santa Claus and his elves, as well as tax accountants, all working to wintry deadlines.’