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News - 4 February 2013

Record number of on time tax returns

A record 9.61 million people sent their tax return on time this year, HM Revenue and Customs (HMRC) revealed.
With 10.34 million people in Self Assessment in 2011-12, this means that around 93 out of 100 taxpayers (92.9 per cent) met the return deadlines – 31 October for paper and 31 January for online.

Of the 9.61 million on-time tax returns, 7.93 million (82.5 per cent) were sent online – a record number. The remaining 1.68 million (17.5 per cent) were sent on paper.

Stuart Coleman, Manager of the Tax Department of ABDS comments:
“Anyone who hasn’t yet sent their 2011-12 tax return to HMRC will have already incurred a £100 late-filing penalty. To avoid any further penalties, they should send their return as soon as possible, as well as pay any outstanding tax due for the 2011-12 tax year.”

The busiest day for online returns was 31 January, when HMRC received 578,000. The busiest hour occurred between 4pm and 5pm on 31 January, when 46,000 returns – more than 12 per second – were received by HMRC.

There were even 1,548 people putting the festivities on hold and sending their tax return online on Christmas Day, and another 4,685 on Boxing Day. 27,161 people celebrated New Year’s Eve by sending their tax return over the internet, while another 12,077 were suitably recovered on New Year’s Day to do the same.

The penalties for late Self Assessment returns are:
• 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 five per cent of the tax due or £300, whichever is greater; and
• After 12 months, another five per cent or £300 charge, whichever is greater.
• There are also additional penalties for paying late of five per cent of the tax unpaid at: 30 days; six months; and 12 months.

If you are unsure and need any help and advice on Self Assessment or want the burden taken off your hands, contact the ABDS Tax Department Now.

ABDS Chartered Certified Accountants of Southampton.
Tel: 023 8083 6900  E-mail: abds@netaccountants.net

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