There’s less than a month to go till the self-assessment deadline, with 5.7 million customers urged to file ahead of 31 January.
Nearly 6.5 million tax returns for the 2022/23 tax year have already been filed, but 5.7 million are still outstanding, latest data from HM Revenue and Customs (HMRC) revealed.
For almost 50,000 customers, they took the opportunity to file over the New Year period:
- 25,593 customers filed their tax return on New Years Eve, with the most popular time being between 12:00 and 12:59, when 2,677 customers filed
- 127 customers saw in the New Year by filing their tax return between 00:00 and 00:59 on 1 January
- 23,724 customers filed on New Year’s Day, with the most filing between 15:00 and 15:59, when 2,354 customers filed.
The deadline to file your 2022/23 tax return and pay any tax owed is Wednesday 31 January 2024.
If you file your return after midnight on 31 January 2024 or pay your tax bill after this date, you’ll face a fine which increases as time passes.
You’ll be hit with an initial £100 fixed penalty for filing late even if no tax is due, but HMRC said for those who provide a reasonable excuse, they may avoid a penalty.
After three months, additional £10 daily penalties start to accrue up to a maximum of £900. Six months on, if you still haven’t filed or paid your tax bill a further penalty of 5% of the tax owed or £300, whichever is the greater, is added to your mounting charges. After 12 months, another 5% or £300 fee is added.
If you are struggling to pay your tax bill, providing it’s less than £30,000 and isn’t overdue by more than 60 days, plus you don’t have any other live payment plans, you can apply online for a Time to Pay arrangement.
This allows you to spread the cost of your tax bill. You’ll complete an online assessment of your income and outgoings to determine your monthly payment and length of the agreement. But this agreement isn’t cheap. The interest rate is set at 2.5% above the Bank of England base rate (currently 5.25%) which means you’ll pay 7.75% interest on your debt.
Myrtle Lloyd, HMRC’s director general for customer services, said: “The clock is ticking for those customers yet to file their tax return. Don’t put it off, kick start the New Year by sorting your self-assessment.”
HMRC has a bank of online resources to help you complete your tax return, including video tutorials on YouTube, plus help and support on GOV.UK.
It said the quickest and easiest way for customers to pay their tax bill is via HMRC’s app which is free and secure. Information about the different ways to pay, can be found on GOV.UK.
See YourMoney.com’s guide on Why it pays to file your tax return early and who needs to submit a self-assessment.
