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Self assessment

More than 11.7 million people filed their self assessment tax returns by the deadline of January 31, 2023, according to HMRC statistics. However, 600,000 taxpayers continued to miss the cutoff.

For the tax year 2021–2022, HMRC had anticipated receiving roughly 12.1 million tax returns. In addition to 0.3 million unsolicited returns and late registrations, 11.4 million of these anticipated returns were sent on time. 600,000 expected tax returns were still pending as of midnight on January 31.

On the day of the deadline, around 800,000 taxpayers filed, with about 36,000 of these doing so in the final hour.

This is a marked improvement over the previous year, when more than 2 million people failed to file their taxes by the deadline of January 31, 2022. To account for the effects of COVID-19, HMRC granted a filing extension until February 28, 2022, without incurring a late filing fee.

A continuous increase from the 92% of expected returns that were filed on time in 2020 to 94.5% this year, when the COVID-19 pandemic-affected two years are taken into account. 96% of tax returns were filed online, continuing a trend from recent years.

Interest for late payments has begun to accumulate for taxpayers who have not repaid their outstanding tax by January 31, 2023. Online payment plans may be arranged by taxpayers who are having trouble making their required tax payments. Individuals can also create a budget payment plan with HMRC online if they want to make regular weekly or monthly payments toward their tax obligations. The balance that is still owing will continue to be subject to late payment interest.

The following penalty deadline is March 2, 2023, beyond which a tax-geared penalty of 5% on unpaid tax may be imposed (but not payments on account). However, if a payment plan has been reached with HMRC, the penalty won’t be imposed.

If a return has not been filed online by 1 May 2023, daily penalties for unfiled returns will begin to accrue.

If you would like assistance with your taxes, please get in contact with us at 01865 921 150. Alternatively, you can email us at info@progressaccountants.com.

You can also Book a FREE Consultation here.

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