Christmas day is normally a time for family, food, festivity and fun, but for 1,566 of you this year, Christmas day was also time to send in an online tax return! HM Revenue and Customs has revealed that the figure was an increase of 1% from last year, with the busiest filing time being just before lunch from midday to 1pm.
Astoundingly, 17,000 online tax returns were also submitted on Christmas Eve, a 19% increase from last year.
The deadline for sending 2012/13 tax returns to HMRC, and paying any tax owed, is 31 January 2014. However, taxpayers who owe less than £3,000, and want HMRC to collect the tax they owe through next year’s tax code, should have submitted an online return by midnight on 30 December.
The penalties for late Self Assessment returns are:
• an initial £100 fixed penalty, which applies even if there is no tax to pay, or if the tax due is paid on time;
• after 3 months, additional daily penalties of £10 per day, up to a maximum of £900;
• after 6 months, a further penalty of 5 per cent of the tax due or £300, whichever is greater; and
• after 12 months, another 5 per cent or £300 charge, whichever is greater.
If you would like any help filling in your tax returns, please contact us on email@example.com or 01332 242257.
Image sourced from HMRC News.