One week on from Self-Assessment deadline
7th February 2024 
Tax 
CHW Accounting
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.
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