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Record number of self-assessment tax returns were filed on time. Pearson May News Update - Monday 6 February
Record number of self-assessment tax returns were filed on time
HMRC has announced that a record 9.45 million self-assessment tax returns were filed on time this year, with a record 7.65 million (80.9 per cent) of them filed online.
It means that 90.4 per cent of taxpayers met the deadline for the tax year which ended in April 2011, an increase of 4 per cent - or 800,000 returns - on the previous year.
This year, the usual 31 January deadline was unchanged, although HMRC announced it will issue no penalties for online returns received by 2 February due to strike action at its call centres.
Although the deadline is well publicised, it seems that taxpayers put off filing their tax returns until the last minute, with the busiest period for online returns being between 4pm and 5pm on 31 January.
HMRC estimates that over one million taxpayers will still face a penalty of £100 for failing to submit their self-assessment tax returns on time.
Tax payers who have yet to file their 2010/11 tax returns are reminded they must do so as soon as possible. Those who fail to submit their returns will have to pay the initial penalty and accrue further fines of £10 for every additional late day, risking a maximum fine of £1,600.
We can assist in completing your tax returns correctly. Please contact us to find out more.
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