HM Revenue and Customs (HMRC) has reported that more than 10 million Self-Assessment tax returns were received prior to the 31st January 2014 filing deadline; defeating last year’s total of 9.61 million.
The record for online tax returns was also smashed, with 8.48 million people filing their Self-Assessment form online to HMRC compared with 7.93 million individuals in 2013; representing 84.5 per cent of all returns received.
With around 10.74 million 2012-13 tax returns due by 31st January the figures suggest 93.4 per cent met the deadlines; the highest percentage of on-time returns ever recorded.
The busiest day for online returns was ‘deadline day', 31st January 2014, when HMRC received more than half-a-million (569,847) returns. Between 4pm and 5pm on 31st January more than 12 returns were submitted per second.
Although a record-breaking haul of 93.4 per cent self-employed individuals were able to meet the 3 October 2013 paper and 31st January 2014 online deadlines respectively, it means 6.6 per cent did not and will receive an instant £100 late-filing penalty.
Those who need to complete a tax return include the self-employed, those with more than one income, and high-income parents who received Child Benefit beyond 7th January 2013.
There are additional late-filing penalties after three, six and 12 month periods:
3 months late
£10 for each following day – up to a 90 day maximum of £900. This is as well as the fixed penalty for filing after 31st January 2014.
6 months late
£300 or 5 per cent of the tax due, whichever is the higher amount. This is as well as the penalties above.
12 months late
£300 or 5 per cent of the tax due, whichever is the highest amount. In serious cases individuals may be asked to pay up to 100 per cent of the tax due instead. In some cases the penalties can be even greater than this. This is as well as the penalties above.
Call us today on 0800 0523 555 or complete our enquiry form and we will identify your nearest TaxAssist Accountant in order to book a FREE initial consultation