HM Revenue and Customs (HMRC) reported that a record-breaking 10.7 million filed their 2016/17 self-assessment before the midnight 31st January deadline. Were you one of the 6.5% who missed the deadline?
This year saw a record number of taxpayers filing their 2016/17 self-assessment tax returns on time. HMRC published a summary on its website, highlighting that 93.5% of the total 2016/17 self-assessments that were due were filed before the deadline.
Around 745,588 are still outstanding – equalling £74,558,800 in late penalties due to HMRC. Remember, if you missed the deadline, you must pay a £100 late penalty unless you have a reasonable excuse for missing the deadline.
Here are more self-assessment statistics following yesterday’s deadline:
- 92.8% were filed online (almost 10 million)
- 44.8% of the total returns received came through in January
- 26.6% or 1.29 million returns were received on 30th and 31st January
- 60,596 self-assessments were filed between 4pm and 5pm on deadline day – that’s 1,010 returns filed per minute
There were many who cut it very close, as 30,348 taxpayers filed their self-assessments between 11pm and 11:59pm on 31st January.
Still haven’t filed your self-assessment?
You still need to file your self-assessment if you have not yet done so. Don’t wait simply since the deadline has now passed – getting it complete and out of the way will lift weight off your shoulders.
Whatever your reason for filing late, be it a family emergency, not knowing how, or not having time, Churchill Knight can help. Our personal tax specialists can work through any issue with you and ensure that your self-assessment is completed 100% accurately and lawfully. We’ll even submit your self-assessment to HMRC on your behalf.
Contact us on 01707 871622 or visit our website for more information.
The longer you wait, the higher late penalty you could end up paying.
What are the penalties for late tax returns?
- Instant £100 fixed penalty for filing a self-assessment past the deadline on midnight, 31st January. This applies even if you did not owe tax
- A penalty of £10 per day, up to a maximum of £900, if you still have not filed after 3 months
- An additional penalty of 5% of the tax due (or £300 – whichever is greater) if you haven’t filed after 6 months
- Another 5% of the tax due, or £300 charge, if you haven’t filed after 12 months passed the deadline
These are simply late filing penalties – there are further penalties due for late payment of tax.
Questions? Contact us or email enquiry@churchill-knight.co.uk.
