Millions of taxpayers leaving it late for self-assessment

With just a week until the deadline for 2017-18 self-assessment tax returns, HM Revenue and Customs (HMRC) has warned that more than 3.5 million people are leaving their returns until the last minute.

Although 25,000 more taxpayers have filed their self-assessment tax returns compared to this time last year, HMRC is keen to reinforce the threat of immediate £100 late filing penalties for those who submit their tax return after the 31st January deadline – regardless of whether they owe any tax.

Last year, more than 93% of taxpayers eligible for self-assessment filed their 2016-17 tax returns on time.

As of 22nd January 2019, HMRC confirmed that 70% of eligible taxpayers had filed their 2017-18 tax returns ahead of the deadline, with almost a third of taxpayers set for a last-ditch scramble to complete their self-assessment online in the next seven days.

HMRC reveals its most outlandish self-assessment excuses

Angela MacDonald, Director General of Customer Services, HMRC, was quick to reinforce the plethora of HMRC’s online services available to UK taxpayers leaving their self-assessment late.

“We are encouraging all self-assessment filers to complete their returns by 31st January and support is available every step of the way,” said MacDonald.

“Taxpayers can make use of HMRC’s online services, webinars and videos, the customer service helpline, webchat or our social media channels.

“We are on-hand to offer support and advice to help you complete your tax return.”

Your TaxAssist Accountant can remove the stress of self-assessment

Although the staff at HMRC offer comprehensive online support for taxpayers filing self-assessment tax returns, they are not obliged to advise you on how to organise your affairs and minimise your tax liabilities.

If you want to make sure you are paying the right amount of tax, on time and before the 31st January deadline, you should consult a professional.

Your TaxAssist Accountant can complete your tax return, calculate your tax liability and file your return online, before liaising with you on the amounts owed and their respective due dates.

As part of our self-assessment tax return service, your TaxAssist Accountant will also run the rule over your financial affairs to investigate whether any tax savings can be made.

All of this is available for a fixed, competitive price, allowing sole traders, small business owners, contractors and many more professionals to focus on doing what they do best.

To arrange a free initial consultation on your 2017-18 self-assessment tax return ahead of the 31st January deadline, don’t delay – call us today on 01224 637100 or drop us a line using our online enquiry form.

Date published 24 Jan 2019 | Last updated 24 Jan 2019