More than 11.5 million people were required to file their 2017/18 Self Assessment tax returns by the 11.59pm deadline on January 31st. Of those, 93.68% were submitted on time, which set a new record according to HMRC.
The number of taxpayers who filed online reached more than 10 million for the first time, with over 700,000 returns being submitted on the deadline day itself, and the peak hour being between 4pm and 5pm with a whopping 60,000 returns submitted.
HMRC have released this year’s statistics :
- 11,564,363 total Self Assessment tax returns due.
- 10,833,177 returns received (93.68%).
- 735,258 taxpayers filed their returns on 31 January.
- 10,129,234 returns were filed online (93.5% of total filed).
However, despite a new record being set, 731,186 customers still failed to meet the deadline, and there are penalties imposed by HMRC for late tax returns :
- 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% of the tax due or £300, whichever is greater; and
- after 12 months, another 5% or £300 charge, whichever is greater.
- There are also additional penalties for paying late of 5% of the tax unpaid at 30 days, 6 months and 12 months.