11.5m taxpayers file returns on time but 1.1m face charge after missing deadline
11.5m taxpayers file returns on time but 1.1m face charge after missing deadline
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More than 11.5 million taxpayers filed their self-assessment tax returns on time, but an estimated 1.1 million people missed Friday’s deadline, HM Revenue & Customs (HMRC) has said. Some 11,509,810 returns were received by the midnight deadline on January 31, with those who missed the deadline now facing a £100 penalty. Thousands of people submitted their return with minutes left to go, with 31,442 returns filed between 11pm and 11.59pm.
In total, 732,498 people filed their return on deadline day. HMRC is urging anyone who has missed the deadline to file their tax return now and pay any tax owed. It said one of the quickest ways to pay is via its app. Those who cannot pay their tax bill in full may be able to set up “time to pay” arrangements. I'm urging anyone who missed the deadline to submit their return as soon as possible to avoid any further penalties.
Myrtle Lloyd, HMRC’s director-general for customer services, said: “I’m urging anyone who missed the deadline to submit their return as soon as possible to avoid any further penalties.”. Penalties for those who missed the deadline include an initial £100 fixed penalty, which applies even if there is no tax to pay, or if the tax due is paid on time. The initial penalty can be followed by, after three months, additional daily penalties of £10 per day, up to a maximum of £900.
After six months, there could be a further penalty of 5% of the tax due or £300, whichever is higher, and after 12 months another 5% or £300 charge, whichever is greater. There are also additional penalties for paying late – 5% of the tax unpaid at 30 days, six months and 12 months. Interest will also be charged on any tax paid late, HMRC said. This year’s figure is down on the number of returns received before the deadline last year. Some 11,581,962 returns were received for the 2022-2023 tax year by January 31 2024.
