Posted: Tue 3rd Jan 2023

Don’t miss the deadline: Almost 5.7 million people still need to file their Self Assessment tax return

News and Info from Deeside, Flintshire, North Wales
This article is old - Published: Tuesday, Jan 3rd, 2023

With less than one month before the Self Assessment tax deadline, HM Revenue and Customs (HMRC) has said nearly 6 million people need to file their returns.

More than 12 million customers are expected to file a tax return for the 2021 to 2022 tax year by 31 January 2023.

HMRC has revealed that 129 customers submitted theirs on 1 January between 00:00 and 00:59, joining those customers who have already met their obligations.

More than 42,500 customers chose to see in the new year by submitting their return on 31 December and 1 January:

New Year’s Eve: 25,043 tax returns were filed. The peak time for filing was between 14:00 and 14:59, when 2,713 returns were received.

New Year’s Day: 17,571 tax returns were filed. The peak time for filing was between 15:00 and 15:59, when 1,697 returns were received.

Myrtle Lloyd, HMRC’s Director General for Customer Services, said:

“There is less than one month for customers to submit their tax returns and my message to those yet to start is: don’t delay, do it online.”

“HMRC provides lots of useful information to help you get started. Visit GOV.UK and search ‘Self Assessment’.”

HMRC is warning customers that the deadline to submit a paper return has passed and tax returns can only be submitted online.

Anyone who files after 31 January may face a penalty.

HMRC said they will consider reasonable excuses for late filing leniently but will focus on those who consistently fail to file their returns or deliberately evade taxes.

Customers who provide a reasonable excuse before the January 31st deadline can avoid a penalty after this date.

Penalties for late tax returns include an initial £100 fixed penalty, even if no tax is owed or if the tax is paid on time.

After three months, additional daily penalties of £10 per day up to a maximum of £900 may be imposed.

After six months, a further penalty of 5% of the tax owed or £300, whichever is greater, may be assessed.

After 12 months, another 5% or £300 charge may be applied, whichever is greater.

Late payment of taxes also carries additional penalties of 5% of the unpaid tax at 30 days, six months, and 12 months.

“Customers must pay any taxes owed by the January 31st deadline.” HMRC has said.

 

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