3,275 Tax Returns were filed on Christmas Day

Christmas is busy for so many reasons, whatever your circumstances, but it seems many people wanted to get the filing of their self-assessment crossed off the Christmas list on the big day!

HMRC have released information that 22,060 customers went online to submit their self-assessment for the 2021 to 2022 tax year between 24 and 26 December 2022. This covers the period 6/4/21 to 5/4/22

The breakdown of figures for those who opted to file during the festive period are:

• Christmas Eve: 8,474 tax returns were filed.
• Christmas Day: 3,275 tax returns were filed.
• Boxing Day: 10,311 tax returns were filed.

The deadline to file and pay any tax owed for the 2021 to 2022 tax year is 31 January 2023, and here at Rift Accounting we are urging customers to submit their tax return by the deadline to avoid a penalty.

Once your self-assessment tax return has been completed, then it needs to be filed at HMRC and if you owe tax, you need to also ensure this is paid – if you are filing your self-assessment with us, we will talk you through the ways to pay.

If you are unable to pay your tax bill, then its important that you get in touch with HMRC who will usually be happy to assist with a payment plan – there is a dedicated helpline you can call for this. Make sure you contact them as soon as possible to access their help.

What happens if you don’t file your tax return on time?

Although HMRC will treat those with genuine excuses leniently, you still need to make contact with them if you can’t file on time.

The penalties for filing your self-assessment tax late are as follows, even if there is no tax to pay:

• an initial £100 fixed penalty on 01 February
• after 3 months (01 May) if the tax return hasn’t been filed, in addition to the £100 fine, daily penalties of £10 per day for each day the return is late will be charged up to a maximum of £900
• after 6 months (01 August), a further penalty of 5% of the tax due or £300, whichever is greater will be charged
• after 12 months (01 February), another 5% or £300 charge, whichever is greater will be charged

To avoid these fines, please get in touch and we will work with you to get your self-assessment tax returns filed as soon as possible.

Also – please note that even if you have filed your self-assessment, its important that you have paid the bill as there are additional penalties for paying late of 5% of the tax unpaid at 30 days, 6 months and 12 months.

Please get in touch with us today if you need help with your tax return – we will be pleased to help.