Record 11.5 million tax returns filed by January 31 deadline
An estimated 1.1 million people missed the January 31 deadline for 2022-23 returns and could face an initial £100 penalty.
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Your support makes all the difference.A record 11.5 million people have submitted their self-assessment tax returns on time, according to HM Revenue and Customs (HMRC) figures.
But it is estimated that around 1.1 million people missed the January 31 deadline for 2022-23 returns. They could now face an initial £100 penalty followed by further potential charges.
Among those who beat the deadline, 32,958 people filed their returns between 11pm and 11.59pm on January 31, HMRC said.
The revenue body is urging those who have missed the deadline to file their returns now.
Some 11,581,962 returns were received by January 31. This includes returns that were expected by HMRC, as well as voluntary returns and late registrations.
Anyone who has yet to file and is concerned that they cannot pay in full may be able to spread the cost of what they owe
Out of the total, just over 11 million returns were ones that were expected.
Myrtle Lloyd, HMRC’s director general for customer services, said: “Anyone who has yet to file and is concerned that they cannot pay in full may be able to spread the cost of what they owe with a payment plan. Search ‘pay your self assessment’ on gov.uk to find out more.”
Taxpayers who file or pay late but have a reasonable excuse can appeal against penalties on gov.uk.
People should also be aware of the risk of falling victim to scams and should never share their HMRC login details with anyone, including a tax agent, if they have one. HMRC scams advice is available on gov.uk.
As well as an initial £100 penalty, the penalties for filing a tax return late include, after three months, additional daily penalties of £10 per day, up to a maximum of £900.
After six months there is a further penalty of 5% of the tax due or £300, whichever is higher.
After 12 months there is another penalty of 5% or a £300 charge, whichever is more.
There are also additional penalties for paying late – 5% of the tax unpaid at 30 days, six months and 12 months. Interest will also be charged on any tax paid late.