With less than one month before the Self Assessment tax deadline, HM Revenue and Customs (HMRC) has said nearly six million people need to file their returns.
Over 12 million customers are expected to file a tax return for the 2021 to 2022 tax year by 31 January 2023.
“HM Revenue and Customs” 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 also 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.