11.7 million self assessment tax returns for the 2018-19 tax year were due by 11.59pm on 31st January 2020. Only 8.18% missed this deadline. And 93.95% of the total filed online which is a new record for HMRC.
What have HMRC actually said?
HMRC’s Director General for Customer Services, Angela MacDonald, said:
“It’s great to see that the majority of customers have submitted and paid their tax returns before 31 January. While few people enjoy the process it’s good to get it out the way and know you have contributed towards our vital public services. I’d like to thank everyone who filed and paid on time, but anyone yet to file or pay should contact HMRC straight away because we are here to help.”
It’s interesting that Ms MacDonald points to our “vital public services” in her acknowledgement of their system’s success. It’s not just about meeting your self assessment tax return deadline to avoid penalties. It’s everyone paying their fair share into our country’s taxation system which, in turn, provides the many services we all use.
Some interesting figures
As HMRC point out in their press release: “HMRC has changed the methodology of presenting SA data that aligns with legislative changes (12 February 2019) which clarify treatment of voluntary (Unsolicited) Self Assessment Returns.”
Of those that were received on time:
- 10,760,043 were Expected Returns
- 362,924 were Late Registrations or Unsolicited Returns
- The total of all returns received by the deadline was 11,122,967
10,450,542 returns were filed online, which HMRC are especially pleased about. 93.95% of self assessment tax returns filed online is proof of the success of HMRC’s Making Tax Digital programme.
Only 958,296 taxpayers missed the deadline.
Did you leave your self assessment tax return filing right till the last minute?
You were not alone. 25,562 taxpayers clicked send in the hour between 11.00 and 11.59pm. In fact, 700,000 were filed on the 31st January itself. The busiest time was between 4.00 and 4.59pm, when 56,969 taxpayers completed their submissions. Not that this makes any difference to HMRC. As long as they’ve received it by 11.59pm, it’s on time. Just adds a bit of unnecessary jeopardy to the situation for you.
What happened to the 958,296 taxpayers that missed the deadline?
I think we’re all aware that missing any of HMRC’s deadlines result in a fine of some sort. For filing late tax returns, the penalties add up cumulatively, depending on how long you continue to not send your tax return.
- Automatic £100 straightaway: from one minute late, this applies even if you pay your tax bill on time or you don’t owe any tax
- Daily £10: after three months late, maximum £900
- £300 or 5% of your bill: after six months late
- £300 or 5% of your bill: after 12 months late
Of course, where there is an either/or option, the higher amount is applied. And these don’t cancel each other out, they all add up to one big fine.
Separate additional penalties are payable if you also miss the deadline for paying your self assessment tax bill.
Top Tax Rebate Services Tip
You don’t have to wait until January to file your self assessment tax return. Your 2019-20 tax return isn’t due until 31st January 2021. But you can file it from the end of the 2020 tax year, which was April 5th 2020. You can do it today, if you want to. Your information isn’t going to change, so you may as well get it out of the way. Give us a call if you want to get that ball rolling sooner rather than later.
