Over 93% of those required to file a 2017/18 self-assessment to HMRC did so by 11:59 pm on 31st January. However over 700,000 taxpayers missed the deadline. Here are the latest statistics on self-assessments and what to do if you missed the deadline.
A record-breaking 93.68% (10.83 million) of 2017/18 self-assessments due were filed before midnight on the 31st of January. The majority of those who filed self-assessments – including landlords, sole traders, limited company directors and more – did so online despite numerous reports of delays and issues using HMRC’s filing system.
The most popular day for filing was understandably 31st January – 735,258 self-assessments were filed on the day. Peak filing time was between 4 pm and 5 pm when 60,000 returns were received by HMRC.
Nearly three-quarters of a million taxpayers left their self-assessment to the final day, with 27,000 people filing in the final hour before midnight.
Did you miss the self-assessment filing deadline?
Unfortunately 731,186 taxpayers missed the filing deadline – less than the number of late-filers in 2018. Those who didn’t file on time will be subject to a £100 late filing penalty.
If you missed the deadline, we advise that you speak to an accountant. If you have a plausible excuse for not filing on time, the accountant may be able to help you appeal the £100 penalty. HMRC recently published a list of ridiculous excuses some taxpayers had in 2018 for not filing on time – serving as a warning to others.
A personal tax accountant can also help you complete and file your self-assessment to HMRC even though the deadline has passed.
Other self-assessment penalties
The initial £100 late penalty applies regardless if there is no tax due or if the tax due was paid on time, according to HMRC. There are other penalties to consider if you will be three months late or more in filing your self-assessment:
- After 30 days since the self-assessment deadline, a 5% charge will apply on the tax due if it has not been paid at this point
- After three months, a penalty of £10 per day will be applied on top of the initial £100 late penalty, if you still have not filed at this point;
- After six months, an additional penalty of 5% of the tax due or £300 will apply – whichever is greater;
- After 12 months, another 5% or £300 penalty will apply
It is also important to note that there are separate penalties for late payment of your personal tax liability.
Personal tax and self-assessment support
Completing a self-assessment can be stressful and time-consuming, especially if you have already missed the filing deadline. Enlisting a personal tax accountant to complete and file this for you can save you time and worry – allowing you to focus on more important things.
Churchill Knight & Associates Ltd will complete and file your self-assessment accurately and lawfully, advise you on your tax liability or refund, and support you if you have received a late penalty.