Self Assessment Tax Returns
HMRC have reported that more than 10 million Self-Assessment tax returns were received prior to the 31st January 2014 filing deadline; last year’s total was 9.61 million.
The record for online tax returns was also exceeded; 8.48 million people filing their Self-Assessment form online to HMRC compared with 7.93 million individuals in 2013; this represents 84.5 per cent of all returns received.
The busiest day for online returns was 31st January 2014 which was deadline day and HMRC received more than half-a-million (569,847) returns. Between 4pm and 5pm on 31st January more than 12 returns were submitted per second.
10.74 million 2012-13 tax returns were due by 31st January the figures suggest 93.4 per cent met the deadlines, this means 6.6 per cent did not and will receive an instant £100 late-filing penalty.
There are additional late-filing penalties after three, six and 12 month periods:
- 3 months late – £10 for each following day – up to a 90 day maximum of £900. This is as well as the fixed penalty for filing after 31st January 2014.
- 6 months late – £300 or 5 per cent of the tax due, whichever is the higher amount. This is as well as the penalties above.
- 12 months late – £300 or 5 per cent of the tax due, whichever is the highest amount. In serious cases individuals may be asked to pay up to 100 per cent of the tax due instead. In some cases the penalties can be even greater than this. This is as well as the penalties above.
Those who need to complete a tax return include the self-employed, those with more than one income, and high-income parents who received Child Benefit beyond 7th January 2013. If you are one of these 6.6 per cent who didn’t get their return in on time then TI Payroll and Accounting can help you get up to date and minimise your penalty. Ring us on 01229 813388.
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