Almost 1 million people were late in filing their tax return this year, and 26,562 people filed in the last hour!
Although over 11.1 million taxpayers managed to file theirs on time, it is estimated that the total fines could be over £10,000,000 this year due to late filers. On the other hand, less people missed the deadline this year than last year, where over one million did.
Late filing immediately incurs a £100 penalty, and if your tax return is more than 3 months late, you will also be charged £10 per day until it is received by HMRC, up to a maximum fine of £1200.
A record of 10.4 million people filed their return electronically. Those who filed a paper return had an earlier deadline of 31 October.
The director general for customer services at HM Revenue and Customs (HMRC), Angela MacDonald, said: “Customers who have missed the deadline should contact HMRC.
“The department will treat those with genuine excuses leniently, as it focuses penalties on those who persistently fail to complete their tax returns and deliberate tax evaders. The excuse must be genuine and HMRC may ask for evidence.”
The most stress-free way to file a tax return is to have somebody else do it for you. An accountant can deal with sifting through your paperwork and making sure nothing has been missed and you can relax knowing that your taxes are in the hands of an expert.
Although accountants will charge for this service, many will be able to use their professional skills and knowledge to in fact save tax by including costs not considered by taxpayers and utilising relevant allowance and tax reliefs.
For more information on any of your accounting needs, don’t hesitate to contact us for a free meeting.