The deadline for self assessment taxpayers in the United Kingdom to submit their tax returns for the 2021/22 tax year was January 31st, 2023. According to HMRC, a new record was set as 11.7 million taxpayers submitted their returns by the deadline. This was a significant increase from the previous year, where 10.7 million taxpayers submitted their returns on time.
Of the 11.7 million taxpayers who submitted their returns on time, 861,085 filed their returns online on the final day. This means that many taxpayers left it until the last minute to submit their returns, with some even filing within minutes of the deadline.
In the final hour before the deadline, 36,767 taxpayers filed their returns, indicating a rush to meet the deadline. However, the busiest hour of the day was between 4 pm and 4:59 pm when 68,462 taxpayers filed their tax returns.
While HMRC had expected over 12 million taxpayers to file their returns for the 2021/22 tax year, the 11.7 million who did meet the deadline is still an impressive achievement. However, HMRC is encouraging those who missed the deadline to submit their returns as soon as possible to avoid penalties.
The penalty for filing late is £100, even if there is no tax to pay or the tax due has already been paid. After three months, additional penalties of £10 per day may apply, up to a maximum of £900. After six months, a penalty of 5% of the tax due or £300 (whichever is greater) will be added, and after twelve months, a further 5% or £300 penalty will be added.
Therefore, it is important for taxpayers to take action if they have missed the deadline. They should submit their returns as soon as possible and pay any tax owed to avoid further penalties. Additionally, if they are unable to pay their tax bill in full, they should contact HMRC to discuss their options, such as setting up a payment plan.
It is also important for taxpayers to ensure that their tax returns are accurate and complete. Any errors or omissions could lead to further penalties or even an investigation by HMRC. Taxpayers should take the time to review their returns carefully and seek professional advice if necessary.
Overall, the record number of taxpayers who submitted their self assessment tax returns by the deadline is a testament to their commitment to fulfilling their tax obligations. However, those who missed the deadline should take action as soon as possible to avoid penalties and ensure that their tax affairs are in order.
