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8 February 2018

Self Assessment Tax Returns Set New Records

Dan Woods Squared

A new record for HMRC as 10.7 million self assessment tax returns were filed before the 31 January deadline. A remarkable feat consider that around 11.4 million tax returns were due for the year 2016/17 (around 93.5%)

Of the 10.7 million tax returns completed 4.8 million were submitted in January alone. 758,707 tax returns were submitted on the final day with 30,348 people leaving it very late, submitting their returns between 11pm and 11.59pm on the deadline day.

HMRC's online portal has locked itself down as the favored tool to submit tax returns with 92.5% (around 9.9 million people) submitting their return online.

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.”