One week on from Self-Assessment deadline

We are now a week on from the self-assessment filing deadline of 31 January and figures show that more than double the number of taxpayers failed to file their return on time this year than last year. This is in spite of the fact that HMRC sent out 11.5m reminders! 

 

What do the figures show? 

HMRC has confirmed that whilst 11,581,962 taxpayers submitted their tax returns for the 2022-23 tax year by midnight on 31 January, 605,849 taxpayers missed the deadline. 

Last year, 11,733,465 taxpayers completed their returns on time and only 300,000 people missed the annual filing deadline.  

HMRC estimate that more than 12.1 m taxpayers were expected to file a tax return and pay any tax owed.  

 

What are the consequences for those who missed the deadline? 

Anyone who filed late will be given a £100 automatic penalty. You can appeal a penalty in a limited number of situations if you have a ‘reasonable’ excuse. 

The self-assessment payment deadline was also 31 January, and anyone with outstanding tax to pay should do so as soon as possible because HMRC charges interest on late payments at 7.75%. 

Anyone who is not able to pay can attempt to set up a payment plan with HMRC. 

You can set up a self-assessment payment plan online if you: 

  • have filed your latest tax return 
  • owe £30,000 or less 
  • are within 60 days of the payment deadline 
  • do not have any other payment plans or debts with HMRC 

 

Our thoughts 

The higher number of people required to file a tax return for the 2022-23 tax year will have caused a rise in the numbers of people filing late. 

Also, HMRC phone helplines have not been available so anyone with queries will have had to use HMRC’s webchat and online services rather than speaking to an actual person! 

If you have yet to file your return for last year and you need our help get in touch. You may have missed the deadline but remember that interest will be accruing on any tax which might be due and the more you miss the deadline by, the greater the penalties will be. 

If you are struggling to pay the tax you owe, click here to view the guidance on the government website. 

If you need our advice, get in touch at hello@chw-accounting.co.uk 


This article is for general guidance only. It provides an outline, and may not include points which are important to your situation. You should not depend on this blog without taking advice based on the full facts of your case. The information given was correct at the time of publication.

DID YOU FIND THIS USEFUL?

Share it with your network:  

Want more great content?
Sign up to our newsletter

    Follow us

    Tweets by @CHW-accounting

    CHW-Accounting
    @chw-accounting


    Twitter: chw_accounting

    WHAT'S THE NEWS?

    Grab a biscuit and a brew and read our latest news.

    19 February 2024

    Tax changes – What’s new in 2024?

    by

    We are now well and truly into 2024 and before you know it the end of the 2023/24 tax year on 5 April will be upon…


    Read more >

    12 February 2024

    National minimum wage – a quick guide to the...

    by

    The government sets a national minimum wage and a national living wage to guarantee that workers get a minimum standard of pay. It is a legal…


    Read more >

    7 February 2024

    HMRC to target undeclared dividend payments

    by

    HMRC have advised the Chartered Institute of Taxation (CIOT) that they have commenced a ‘One to Many’ letter campaign directed at taxpayers who HMRC suspect may…


    Read more >

    7 February 2024

    One week on from Self-Assessment deadline

    by

    We are now a week on from the self-assessment filing deadline of 31 January and figures show that more than double the number of taxpayers failed…


    Read more >

    5 January 2024

    Cut to National Insurance from 6th January 2024

    by

    From Saturday 6 January, the average earner will be almost £450 a year better off according to the government.  However, the reality is that due to…


    Read more >

    YOUR CHALLENGES

    No matter what your challenge is, we’ve probably dealt with it before.



    Need an Accountant?

    Get in touch >


    Need an Accountant?

    Get in touch >


    Tax issues?

    Find out more >


    Tax issues?

    Find out more >


    Trying to grow your business?

    We can help >


    Trying to grow your business?

    We can help >


    Managing cashflow?

    We can help >


    Managing cashflow?

    We can help >


    Starting a business?

    We can help >


    Starting a business?

    We can help >


    Looking for funding?

    Need help with funding? >


    Looking for funding?

    Need help with funding? >


    Buying or selling a business?

    We can help >


    Buying or selling a business?

    We can help >


    Adopt the cloud?

    We can help >


    Adopt the cloud?

    We can help >


    What else can we do for you?

    We can help >


    What else can we do for you?

    We can help >
    CONTACT US

    Get in touch, no hard sell, just a brew, a biscuit and a chat.