5.7 million yet to file their self-assessment tax return as deadline looms

HMRC is anticipating over 12 million self-assessment tax returns for the 2021-22 tax year. The deadline for paper-based 2021-22 self-assessment tax returns has already passed, so anyone yet to file must do so  online.

Any taxpayer that files a 2021-22 self-assessment tax return beyond the 31st January 2023 deadline will be stung with an immediate £100 fixed penalty. This is owed even if there is no tax due, or if the tax due is paid on time.

HMRC has stated it is more likely to be lenient towards individuals with genuine excuses for failing to file returns. Those who offer a reasonable and fair excuse for missing the deadline can potentially avoid the £100 late-filing penalty.

The additional penalties for late 2021-22 self-assessment tax returns

Aside from the instant £100 late-filing penalty, taxpayers that miss the 31st January 2023 deadline are also liable for the following penalties:

• Over three months late
  Further penalties of £10 per day, up to a maximum of £900.
   
• Over six months late
  Further penalties of 5% of the tax due or £300, whichever sum is largest.
   
• Over 12 months late
  Further penalties of 5% of the tax due or £300, whichever sum is largest.

Thousands file tax returns over the festive season

According to HMRC figures, 3,275 individuals took the opportunity to file their digital tax returns on Christmas Day. In fact, 22,060 individuals submitted tax returns between Christmas Eve and Boxing Day.

Meanwhile over 42,500 individuals used the New Year as the ideal opportunity to meet their 2021-22 self-assessment obligations, with 25,043 and 17,571 returns submitted on New Year’s Eve and New Year’s Day respectively.

Myrtle Lloyd, Director-General for Customer Services at HMRC, said: “There is less than one month for customers to submit their tax returns and my message to those yet to start is: don’t delay, do it online.”

Let us support you with your 2021-22 self-assessment tax return

At TaxAssist Accountants, we are well-versed in handling even the most complex of tax returns. Whatever your reason for needing to file a self-assessment tax return for 2021-22, we can work with you to complete and file your return, accurately calculate your tax liabilities and outline your payment schedule.

As part of our self-assessment services, we’ll also determine whether any tax savings can be made to optimise the tax you pay.

For a free, initial consultation about your 2021-22 self-assessment tax return, call our friendly and experienced team today on 0131 202 9888 or complete our online enquiry form to start the conversation.

 

Date published 5 Jan 2023 | Last updated 5 Jan 2023