In January 2015, HMRC reported...
A record 85.5% of [tax returns] were sent online, with the busiest days for filing coming on 30 and 31 January, when HMRC received 980,000 returns. The busiest hour was between 1pm and 2pm on 30 January, when almost 50,000 returns were received – 830 per minute.
The busiest hour on deadline day was between 11 am and midday, when almost 32,000
returns were received – 530 per minute. HMRC also answered 95% of calls first time on deadline day.
Around 4.3 million customers (42%) left it until January to file their returns, which HMRC issued in April 2014.
By the end of January, more than a million Self Assessment-only customers (self-employed, with no
other source of income, no employees and not VAT-registered) opted to receive electronic messages from HMRC, rather than paper communications. If you are eligible, you can sign up by logging into your Self Assessment online account and following the prompts.
There are three different types of penalties that can
be charged if a return is outstanding after the return due date or is filed late. These are
Customers may appeal against any late filing penalty on the grounds that there was a reasonable excuse for the late submission of the return.
HMRC even have a calculator to help work out how much the penalty might be...
Don't be late, do it today or drop me an email if you need help.
Noel Guilford
Noel Guilford is the principal of Guilford Accounting a small business accountancy practice specialising in advising
owner-managed businesses on current accounting, finance, and tax matters. You can reach him via email at noel@guilfordaccounting.co.uk or by phone at 01244 660866. He is the author of the best selling book 'Figure it out - an entrepreneurs guide to understanding your business numbers' which you can obtain by visiting
http://guilfordaccounting.co.uk/figureit out.