Tax & admin · 2 February 2018

On-time self-assessment tax returns break the record, again

HMRC received 93.5 per cent of all the self-assessment tax returns due

Some 10.7m Britons submitted their self-assessment tax returns before this year’s 31 January deadline, HMRC has announced.

The figure marks a new UK record for the number of tax returns completed on-time. Of all the self-assessment returns that were due, 93.5 per cent were returned to HMRC before midnight on 31 January.

HMRC’s online service proved more popular with taxpayers than ever before this year. Some 9.9m people used the department’s online portal, meaning that 92.5 per cent of all tax returns were completed online.

There were 758,707 individuals who submitted their tax returns on the final day before the deadline. The most popular hour for customers to submit their return online on 31 January was from 4pm to 5pm, when HMRC received 60,596 completed forms. That hour saw 1,010 tax returns submitted per minute, or 17 per second.

According to HMRC’s analysis, some 30,348 people avoided fines at the last minute by submitting their tax returns between 11pm and 11.59pm on the day.
__________________________________________________________________________________
ALT TEXT

 

What is a balance sheet and how can I interpret one?

It’s the balance sheet that summarises the company’s assets, liabilities and the shareholder’s equity at a particular point in time.

__________________________________________________________________________________

Thanking those taxpayers who met this year’s self-assessment deadline, HMRC’s director general for customer services, Angela MacDonald, said: “It’s really fantastic to see that each year, more and more self-assessment customers are getting ahead of the game and submitting their tax return before the 31 January deadline.

“But we’re not complacent, we want the number missing the deadline to be zero. We’ll continue to adapt the process to make it easier and simpler for all our customers until every return is in on time and without avoidable errors.”

MacDonald urged anyone who missed the self-assessment deadline to submit their tax returns as soon as possible to avoid further penalties.

After an initial fixed penalty of £100 for a late submission, after three months additional penalties of £10 per day are incurred, up to a maximum of £900.

If after six months an individual’s tax return still hasn’t been submitted, HMRC charge a further penalty of five per cent of the tax due or £300, whichever is greater.

There are also penalties for paying late, of five per cent of tax unpaid at 30 days, six months and one year after the date of the deadline.

MacDonald added: “If you’re one of the small number that missed the deadline, please submit your return now. We really don’t want penalties, we just want tax returns.”

Read more: Aliens, vertigo and a poorly rabbit among the year’s worst self-assessment excuses

Sign up to our newsletter to get the latest from Business Advice.


 
TAGS:

ABOUT THE EXPERT

Fred Heritage is deputy editor at Business Advice. He has a BA in politics and international relations from the University of Kent and an MA in international conflict from Kings College London. He previously worked as a reporter at Global Trade Review magazine.

Q&A

If you’ve found the article above useful, but have a more detailed and bespoke question, then please feel free to submit a query to our expert. We at Business Advice will get in contact with them on your behalf and arrange for a personalised response. These questions and answers will then be collated on the site for any other readers who have similar queries.

Ask a question

On the up