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.
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.