Although more people submitted their self-assessment tax returns for the 2016-17 financial year on time than in any previous year, nearly 750,000 missed the deadline
According to HM Revenue & Customs (HMRC), almost 10.7 million British taxpayers filed their returns ahead of the 31st January 2018 deadline, avoiding an £100 late filing penalty from HMRC in the process. The tax department’s online submission service was used by 9.9 million people, meaning that 92.8% of all tax returns were filed online.
More than three-quarters-of-a-million taxpayers waited until the 31st January to file their tax returns, with 30,348 people waiting right until the last minute by filing their returns between 11pm and 11:59pm on 31st January.
In fact, 44.8% of all 2016-17 self-assessment tax returns were received in the month of January 2018, as almost half of all taxpayers left it late to inform HMRC of their income in the last financial year.
HMRC handled almost 200,000 telephone calls during the course of 31st January.
Outstanding 2016-17 self-assessment tax returns
HMRC confirmed there are around 745,588 tax returns still outstanding for the 2016-17 financial year.
All returns that weren’t filed ahead of the 31st January will be subject to an £100 late filing penalty and those who leave it any longer to submit will face the following additional fines:
- 3 months late: additional daily penalties of £10 per day, up to a maximum of £900
- 6 months late: a further 5% penalty of the tax due or £300, whichever is greater
- 12 months late: a further 5% penalty of the tax due or £300, whichever is greater
If you’ve been putting off organising your tax affairs for the 2016-17 financial year, your local TaxAssist Accountant can work with you to complete your return, accurately calculate your tax liabilities and settle any outstanding payments.
For a fixed, competitive price, your TaxAssist Accountant can take the worry away of tax returns, allowing you to concentrate on running your business.