Millions yet to file their tax return

Published: 10/01/2023 By Hannah McCormack

With less than a month to go to file a Self-Assessment tax return, and despite 3,275 taxpayers deciding ‘Christmas Day’(!) was the perfect time to file their tax return, HMRC have advised there are still over 5 million people yet to file! HMRC are reminding people that submitting the return after 31st January 2023 risks getting a £100 penalty.

Returns can now only be filed online as the date to submit a paper return has passed.

As a reminder the penalties for filing a tax return after 31st January 2023 are as follows:
  • £100 fixed penalty – including nil returns; or if the tax due is paid on time
  • After 3 months – additional £10 daily penalties up to a maximum of £900
  • After 6 months – a further penalty of 5% of the tax owed or £300 whichever is greater
  • After 12 months – another 5% or £300 whichever is greater
On top of this are penalties if you also pay your tax late. You will be charged 5% of the total tax which is unpaid at 30 days, 6 and 12 months. In a nutshell file and pay on time! If you are struggling to make payments speak to HMRC before 31st January to try to come to a Time to Pay arrangement.  

Last year due to Covid, HMRC extended the Self-Assessment tax return deadline to 28th February however we strongly suggest you do not hold out for an extension as we believe there will be no grace this year and therefore we urge you to get your return in as soon as possible.
It is not too late to request our help - please get in touch if you have any urgent queries via email  phone 020 8661 7878, and/or feel free to recommend us to others, who may require assistance with their tax affairs.