BUSINESS NEWS

Over 100 people filed their tax return minutes into 2024

Over 100 people filed their tax return minutes into 2024
Dan Martin
Dan MartinDan Martin Content & Events

Posted: Thu 4th Jan 2024

As fireworks exploded across the UK to celebrate the start of 2024, 127 people saw in the new year by filing their Self Assessment tax return between 00:00 and 00:59 on 1 January.

In other figures released by HM Revenue & Customs (HMRC), 25,593 individuals submitted their tax details on New Year's Eve, and 23,724 customers did so on New Year's Day.

With less than a month to go until the 2022/23 Self Assessment tax return deadline on 31 January, the data shows almost 6.5m customers have already submitted it which leaves almost 5.7m still to do so.

HMRC is urging self-employed people and others who are covered by the Self Assessment rules to meet the deadline. Failure to do so means you could face the following penalties:

  • 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 three months, additional daily penalties of £10 per day, up to a maximum of £900.

  • after six months, a further penalty of 5% of the tax due or £300, whichever is greater.

  • after 12 months, another 5% or £300 charge, whichever is greater.

There are additional fines for paying late of 5% of the tax unpaid at 30 days, six months and 12 months. Interest will also be charged on any tax paid late.

Those who provide HMRC with a reasonable excuse could avoid a penalty, and if you owe less than £30,000, you may be able arrange a payment plan through the Time to Pay scheme.

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.

"Go to GOV.UK and search 'Self Assessment' to get started start today."

Advice for filing your Self Assessment tax return

Dan Martin
Dan MartinDan Martin Content & Events
I'm a freelance journalist and event host who helps small businesses and the organisations that support them. I'm also Enterprise Nation's news reporter and Bristol Local Leader. I have 20 years of experience as a small business journalist having interviewed hundreds of entrepreneurs from famous names like Sir Richard Branson and Deborah Meaden to the founders behind brand new start-ups. I've worked for a range of leading small business publications and support groups, most recently as head of content at Enterprise Nation where I was responsible for the prolific output of content on the company's blog and social media. I now freelance for Enterprise Nation as the website's news reporter and as the host of the Small Business sessions podcast. I'm based in Bristol where I run and host regular events with the local small business community in my role as Enterprise Nation's Local Leader for Bristol. I also have strong connections with other major business organisations in the south west region. In total, I've hosted over 100 events including conferences with an audience of hundreds for international brands like Xero and Facebook and live web chats from inside 10 Downing Street. With my partner, I co-run Lifestyle District, a lifestyle blog focused on culture, art, theatre and photography.

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