Less than a month until tax return deadline

Those who have not yet filed their self-assessment tax return for the 2021-2022 tax year are being reminded that they have less than a month to do so.

According to HMRC figures from last week, there were still around 5.7 million people who had not submitted theirs.

Interestingly, thousands of people chose to see in the new year by submitting their returns:

• 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.

HMRC is reminding people that they have until the 31^st of January 2023 to file and pay any tax owed and anyone who doesn’t meet the deadline may face a penalty.

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’.”

The penalties for late tax returns are:

• an initial £100 fixed penalty, which applies even if there is no tax to pay, or if the tax due is paid on time.
• after 3 months, additional daily penalties of £10 per day, up to a maximum of £900.
• after 6 months, a further penalty of 5% of the tax due or £300, whichever is greater.
• after 12 months, another 5% or £300 charge, whichever is greater.

To find out more about contracting please contact Jaime on 01442 795 100 or email jaime.thorpe@dolanaccountancy.com.