Overview
The Self-Assessment deadline for the 2023/2024 UK tax year has now passed, and HMRC has shared that a huge 11.5 million people successfully submitted their tax returns on time.
Most people (over 97%) chose to file online, showing just how much digital filing has become the norm. For those that love the thrill of a deadline, more than 730,000 returns were submitted on 31 January alone, with over 58,000 in the final hour of the deadline.
What If You Missed the Deadline?
If you weren’t one of the millions who got their tax return in on time, don’t panic, there’s still time to sort it out. While late filings come with a £100 penalty (and extra charges if it’s left longer), the sooner you submit, the better. HMRC encourages those who have missed the deadline to file as soon as possible to avoid additional fines.
Daily Penalties:
If you miss the deadline, you can face further penalties. Once your tax return is 3 months late, HMRC will start applying daily penalties of £10 per day, up to a maximum of £900. If the return is 6 months late, you could face a £300 penalty or 5% of the tax due (whichever is greater). At 12 months, HMRC may charge an additional penalty of 5% of the tax due. So, the longer you leave it, the more it could cost.
For those who owe tax but are worried about paying in full, HMRC’s ‘Time to Pay’ service could help spread the cost into manageable installments over an agreed period of time.
Need a Hand?
Tax season can be stressful, and we know how easy it is for life to get in the way. Whether you need help filing a late return, setting up a payment plan, or just making sense of your tax situation, we’re here to help.
Next steps
ETC Tax is a specialist tax advisory firm providing support to individuals, business owners and their professional advisers on a range of complex tax issues. So if you are looking for tax advice, we are here to help please feel free to contact us.
Leave a Reply