Posts tagged ‘Assessment Tax Returns’

HMRC reveals that 7.65 million Self Assessment Tax Returns were filed online in time this year, with an overall  total of 9.45 million returns  submitted in time.

Record Numbers

90.4% of  taxpayers met the deadline – an increase of 4% on last year – the highest on-time filing result since HMRC was created.

The busiest day for online returns was 31 January, when HMRC  received nearly 445,000. The SA rush hour occurred between  4pm and  5pm on 31st January, when 37,460 returns – more than one every 6  seconds – were received by HMRC.

Penalties delayed

Although the 31st January deadline was unchanged, HMRC announced that no penalties would be issued for online returns received by midnight on 2nd February, due to industrial action at HMRC contact  centres.

David Gauke, Exchequer Secretary to the Treasury, said:

“I am pleased that the extension to the filing deadline prevented people from being unfairly penalised if they were unable to speak to HMRC on the 31st.”   This statement is inaccurate as the deadline was not extended, simply HMRC promised not to fine anyone on 1st and 2nd February.  By filing late, the period known as the “enquiry window” is affected in favour of HMRC.

He also said “I’m delighted so many people filed their tax returns online this year. The record number proves that it’s quick, easy and secure to do.”  I wonder if he has ever used the HMRC portal?

Baubles *Merry Christmas*Festive filing

Many took advantage of the Christmas holidays to wrap up their  returns this year, with 1,100 people filing online on Christmas Day;  3,512 on Boxing Day; 11,648 on New Year’s Eve; and 8,935 on New  Year’s Day.

Perhaps this is an indication of multi-cultural Briton?

 

Missed the fun?

The filing deadline has now passed and  anyone who hasn’t yet  filed their 2010/11 tax return must send it to HMRC as soon as  possible, as well as pay any outstanding tax due for the 2010/11 tax  year.

professional, approachable, timely advice

A new penalty regime is in force, so if you need help getting your tax affairs up to date call our Tax Managers, Heather Irvine or Jenna Gaylor as soon as possible to set up a free, no obligation meeting to discuss how we can assist you.

 

data source : HMRC press release

The information provided in this blog illustrates my opinions and experiences, it does not constitute advice and I do not accept responsibility for any actions taken or refrained from as a result of reading this post.

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HM Revenue and Customs (HMRC) has always taken a dim view of the late filing of self-assessment tax returns, but it has now introduced significant new penalties for those who fail to meet the deadlines.

The deadline

If you are registered for self-assessment and have not already filed your paper return then you will need to do so online by 31 January 2012. This may still seem a long way off, but it makes sense to start preparing now rather than leaving your return until the last minute, when it will be more difficult to deal with any issues which may arise.

The penalty

Back of the net!Under HMRC’s new regime, late returns will incur an initial fixed penalty of £100.

This will apply even if there is no tax to pay or any tax due for the year has already been paid on time.

If your tax return has still not been filed after three months, then HMRC will impose additional daily penalties of £10, up to a maximum of £900.

After six months, the penalty increases to either £300 or five per cent of the tax, depending on which is greater.  The penalty could increase to 100 per cent of the tax due if returns have still not been filed after 12 months.

Late tax

Any overdue tax must also be paid by 31 January.  If this deadline is missed then HMRC will impose a penalty of five per cent of the amount due after 30 days, six months and 12 months respectively. It is also worth noting that HMRC will charge interest on top of these penalties.

The Art of ProcrastinatingStop procrastinating

As with any tax matter, it is always better to act sooner rather than later.

The longer you leave it, the bigger the penalty will be.

 

 

At George Hay, we can assist with a wide range of tax matters, including ensuring your self-assessment tax return is filed on time.

Friendly, approachable, reliable professionals

Disclaimer: This article is for general guidance only. All taxation planning should only be undertaken after appropriate professional advice. George Hay Chartered Accountants are registered to carry on audit work and regulated for a range of investment business activities by the Institute of Chartered Accountants in England and Wales.