HMRC urges 3.5 million taxpayers to submit their tax return before deadline

With less than a week to go until the deadline, HMRC has urged the 3.5 million taxpayers yet to file their self assessment tax return to do so before 11:59pm on 31 January 2019.

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A total of 11,564,363 self assessment tax returns are due, of which 70% have already been filed, as of 22 January 2019. 7,359,607 of these were filed online: only 703,943 returns were filed on paper.

According to HMRC, more than 93% of taxpayers filed their tax return on time last year. It has reminded taxpayers that penalties will be issued for late filing: those who are late in submitting their return face a penalty of £100, even if there is no tax to pay, or if the tax has been paid on time. Additional penalties will be issued for continued late payments and late filing.

Commenting on the matter, Mel Stride, Financial Secretary to the Treasury, said: ‘The deadline for the self assessment tax return is fast approaching, but there is still time for the 3.5 million customers who haven’t completed their return to file by 31 January.

‘It is important that customers are reminded of the self assessment deadline in order to avoid paying penalties.’

As your accountants, we can assist you in preparing and filing your self assessment tax returns – please contact us for more information.

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Data reveals significant number of taxpayers filed tax returns over festive period

Data published by HMRC has revealed that more than 10,000 self assessment tax returns were filed over the festive period.

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According to HMRC, 2,616 individuals filed their return on Christmas Day, with the peak filing hour proving to be between 1pm and 2pm.

Meanwhile, 8,465 taxpayers submitted their tax return on Boxing Day, with the majority of returns being filed between 8am and 4pm.

More than 11 million taxpayers are required to complete and file their self assessment tax return by 31 January 2019. HMRC recently urged the 5.5 million taxpayers who have not yet submitted their tax return to do so before this time.

Angela MacDonald, Director General for Customer Services at HMRC, said: ‘The self assessment deadline on 31 January is fast approaching, but there is still time for customers to file their tax returns online and on time to avoid any unnecessary penalties.’

Those who are late in submitting their return face a penalty of £100, even if there is no tax to pay, or if the tax has been paid on time. Additional penalties are due for continued late payments and late filing.

As your accountants, we can assist you in preparing and filing your self assessment tax returns – please contact us for more information.

HMRC urges taxpayers to complete self-assessment tax returns early

With less than 100 days until the online self-assessment tax return deadline, HMRC is urging taxpayers to complete their tax returns early, in order to avoid the last-minute rush.

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The deadline for submitting your 2017/18 self-assessment tax return online and paying any tax you owe is 31 January 2019. An automatic penalty of £100 will apply if your return is late.

HMRC revealed that more than 11 million taxpayers completed a self-assessment tax return last year, with a total of 10.7 million finalising their returns on time. 758,707 individuals filed their returns on 31 January, the deadline day.

According to HMRC, a record 93% of taxpayers filed their tax returns online. Paper self-assessment tax returns must be filed by 31 October 2018.

Commenting on the matter, Angela MacDonald, Director General for Customer Services at HMRC, said: ‘We want to help people get their tax returns right – starting the process early and giving yourself time to gather all the information you need will help avoid the last minute, stressful rush to complete it on time.’

Government self assessment letters ‘lack a sense of urgency’, research suggests

Government self assessment letters ‘lack a sense of urgency’, research suggests

Research carried out by Ipsos Mori on behalf of HMRC has suggested that self assessment tax return letters sent to taxpayers by the Revenue take ‘too long to get to the point’.

HMRC sought to discover whether the tone and content of its self assessment letters was correct, how easy the letters were to understand and whether they ‘needed more clarification’.

A lack of urgency was present within the letters, Ipsos Mori’s research found: recipients of the letters stated that they felt the communications took ‘too long to get to the point’. Many taxpayers said that they would have preferred the letter to outline clear action points early on.

The findings also revealed that individuals who received letters in regard to their self assessment tax returns avoided calling HMRC due to negative experiences dealing with it in the past.

In addition, taxpayers reported that the letters they received appeared to be ‘generic communications’, as opposed to ones containing information tailored to each customer’s specific circumstances.

HMRC stated that it will use the research in order to simplify the letters it sends to taxpayers.

The deadline for submitting your 2016/17 self assessment tax return online is fast approaching. Those who submit their return after midnight on 31 January will receive a penalty of £100, even if there is no tax to pay. Further penalties will be issued for continued payment failures.

As your accountants, we can advise you on any payments due. Please contact us for help with your tax and accounting needs.

HMRC issues self assessment warning as ‘three million tax returns still outstanding’

HMRC issues self assessment warning as ‘three million tax returns still outstanding’

As the self assessment deadline draws nearer, HMRC has revealed that around a third of people have yet to file their tax return.

According to the latest figures, as at 24 January around eight million people had completed their tax return, leaving just over three million returns still to be submitted.

It is thought that some 840,000 people missed the filing deadline last year.

‘The seven-day countdown has now begun,’ warned Angela McDonald, HMRC’s director general of customer services. ‘Put a stop to that niggling feeling and do your self assessment now.’

Those who submit their return after midnight on 31 January risk incurring a £100 fine, even if there is no tax to pay. Further penalties are then issued for prolonged delays.

Last year, HMRC announced plans to reform the current penalty system for late or missing tax returns. Under the proposals, which are subject to consultation, taxpayers who miss the deadline would receive driving licence-style points instead of an immediate fine.

Taxpayers would only then be penalised once their points reached a specified level.

Please contact us for assistance with your tax affairs.

Significant number of tax returns filed over festive period, official figures reveal

Significant number of tax returns filed over festive period, official figures reveal

Figures published by HMRC have revealed that a significant number of taxpayers filed their self-assessment tax returns over the festive period.

Image result for festive tax returns18,825 self-assessment tax returns were submitted on New Year’s Eve, whilst a further 17,068 were filed on New Year’s Day.

Meanwhile, 6,033 taxpayers filed their tax return on Christmas Eve, and 2,590 individuals submitted their return on Christmas Day.

7,655 self-assessment tax returns were filed on Boxing Day.

Commenting on the figures, Angela MacDonald, Director General for Customer Services at HMRC, said: ‘It’s easy to put off doing your self-assessment, but that ‘niggle’ means it’s always on our customers’ minds.

‘We want to help remind our customers to get it done so they can alleviate that feeling, ensuring they can relax.’

The deadline for submitting 2016/17 self-assessment tax returns is midnight on 31 January 2018. Those that miss this deadline will receive a penalty of £100, even if there is no tax to pay. Further penalties will be issued for continued payment failures.

As your accountants, we can assist you in preparing and filing your self-assessment tax returns. We can also advise you on any payments due. Please contact us for help with your tax and accounting requirements.

Self-assessment tax return deadline looms

Self-assessment tax return deadline looms

The deadline for submitting the 2016/17 self-assessment tax return is fast approaching.

Image result for Self-assessment tax return deadline loomsThe final date by which you must complete your self-assessment tax return is midnight on 31 January 2018. Those that miss this deadline will receive a penalty of £100, even if there is no tax to pay. Further penalties will be issued for continued payment failures.

Last year, a significant number of individuals chose to use the festive break as an opportunity to catch up on paperwork.

6,214 individuals submitted their self-assessment tax return online on Christmas Eve, while 1,944 submitted their return on Christmas Day.

A further 6,200 taxpayers filed their tax return on Boxing Day. This number proved to be significantly higher when compared to the same period the year before.

As your accountants, we can assist you in preparing and filing your self-assessment tax returns. We can also advise you on any payments due. Please contact us for help with your tax and accounting needs.