HMRC: Over Two Million Self-Assessment Tax Returns Still Unfiled
Have you filed yours yet?
Posted by Roger Eddowes on 07/02/2022 @ 8:00AM
According to HMRC, Over two million self-assessment taxpayers missed the 31st of January filing deadline. This is up by half a million on last year ...
Remember, HMRC says interest is now being applied to any unpaid tax!
Thankfully, it was recently announced that late filing penalties will not be charged as long as those missing returns are filed by the end of February, though interest has started to be applied on any unpaid tax.
"HMRC was expecting 12.2 million self-assessment tax returns to be filed!"
So far, it has received 9.9 million along with a further half million unsolicited or late registration returns. Over 2 million were filed in the last week of January alone and 96% of the overall total were filed online.
However, it does seem that HMRC's systems are under strain so it could be that these public statistics haven't been updated as promptly as they would normally be.
If you haven't filed your self-assessment tax return yet, then it needs to be in by the 28th of February to avoid a £100 late filing penalty and Time-To-Pay arrangements need to be in place by the 1st of April to avoid the 5% late payment penalty.
Remember, interest is now being applied to any unpaid tax.
Until next time ...
ROGER EDDOWES Business Godparent
Would you like to know more?
If anything I've written in this blog post resonates with you and you haven't filed your self-assessment tax return with HMRC yet, it may be a great idea to give me a call on 01908 774320 and let's see how I can help you.
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Roger trained at Edward Thomas Peirson & Sons in Market Harborough before working at Hartwell & Co, followed by Chancery, as a partner. He started Essendon Accounts and Tax with Helen Beaumont in 2014 as a general practitioner with a hands-on approach.
Roger loves getting his hands dirty, working with emerging, small-to-medium and family businesses to ensure they receive the best possible accountancy advice. Roger utilises an extensive network of business contacts to leverage the best guidance and practical solutions.
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