More than 11 million people filed their 2023/24 tax return by the 31 January deadline; while many left it to the last minute, HMRC reveals that an estimated 1.1 million people have yet to file their self assessment return.
HMRC has reported that 11.5 million people filed their self assessment tax return before midnight on 31 January, representing 90% of those expected to file. It means that an estimated 1.1 million customers missed the deadline, according to the UK tax body.
HMRC has revealed that 97% of tax returns for the financial year 2023/24 were filed online. Just 304,000 paper tax returns were filed.
The number of people who filed their return on deadline day was 732,498. Thousands left the task of submitting their tax return until the very last minute, with 31,442 filing between 23:00 and 23:59 on 31 January.
"Thank you to the millions of people and agents who filed their self assessment tax return and paid any tax owed by 31 January. I'm urging anyone who missed the deadline, to submit their return as soon as possible to avoid any further penalties." Myrtle Lloyd, HMRC's director general for customer services.
HMRC is urging anyone who has missed the deadline to file their tax return now and pay any tax owed. One of the quickest ways to pay is via the free and secure HMRC app. Time to Pay arrangements are available for those who cannot pay their tax bill in full. Late filing and late payment penalties are charged for failure to meet the deadline.
The penalties for filing a tax return late are:
- An initial £100 fixed penalty, which applies even if there is no tax to pay, or if the tax due is paid on time.
- After three months, additional daily penalties of £10 per day, up to a maximum of £900.
- After six months, a further penalty of 5% of the tax due or £300, whichever is greater.
- After 12 months, another 5% or £300 charge, whichever is greater.
- Interest will also be charged on any tax paid late.
If someone regularly sells goods or provides services through an online platform, they may need to pay tax on their income. Customers can find out more about selling online and paying taxes on the GOV.UK website or by downloading the HMRC app. The guidance will help them decide if their activity should be treated as a trade and if they need to complete a self assessment tax return.
Written by Rachel Miller.