HMRC reports record-breaking year for Self-Assessment tax returns

3rd February 2014 | News

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: