More than 11.5 million taxpayers filed their self-assessment tax returns on time, but an estimated 1.1 million people missed Friday’s deadline, HMRC said
HM Revenue & Customs (HMRC) has announced that more than 11.5 million taxpayers managed to file their self-assessment tax returns by the deadline, but around 1.1 million people failed to meet Friday’s cut-off.
According to HMRC, a total of 11,509,810 tax returns made it in before midnight on January 31, leaving those who missed out now subject to a £100 penalty. In a flurry of last-minute submissions, some 31,442 returns were sent in between 11pm and 11:59pm, with 732,498 being recorded on deadline day alone.
HMRC is strongly advising those who are late to submit their return immediately and settle any tax due. The agency mentioned that one of the fastest methods for payment is via its app, and individuals struggling to pay may be able to arrange “time to pay” solutions. Myrtle Lloyd, HMRC’s director-general for customer services, urged: “I’m urging anyone who missed the deadline to submit their return as soon as possible to avoid any further penalties.”
Those facing penalties after the deadline can expect an initial £100 fixed charge, which is enforced regardless of whether any tax is owed or if the tax due was paid promptly. Beyond this, a series of escalating charges include additional daily fines of £10 after three months, up to a total of £900, followed by a penalty of either 5% of the tax due or £300 – whichever amount is greater – at both the six- and twelve-month marks.
Taxpayers who miss the deadline face additional penalties – a 5% charge on unpaid tax at 30 days, six months, and 12 months, with interest also being charged on any late payments, according to HMRC. This year saw a decrease in the number of returns submitted before the deadline compared to last year, with 11,581,962 returns received for the 2022-2023 tax year by January 31, 2024.
Charlene Young, a pensions and savings expert at AJ Bell, commented: “HMRC estimates that 1.1 million people failed to file by the deadline risking £100 late filing penalties, a potential windfall for the taxman of £110m.”
She further noted: “After Barclays suffered a systems-wide outage on Friday January 31, some taxpayers who held on to their cash until the last minute or were waiting for payday could have found they were unable to send money. HMRC is said to be working with Barclays and reassured those genuinely affected will be able to appeal any late payment fines through the usual channels.”
