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Record Self-Assessment returns, but estimated 1m miss deadline
Newsletter issue – March 2024
The record number of taxpayers submitting Self-Assessment tax returns was beaten in January, it's been revealed, with a new high of 11.5million being reached. That's quite some number!
But, judging by the figures HMRC released, somewhere between 0.5million and 1.1million failed to send theirs in by the deadline of 31 January.
Of the 12.1 million expected to file for the 2022-2023 tax year 778,068 managed to file on the last day, with 61,549 submissions occurring during the peak filing hour and 32,958 filed in the final hour.
The key stats released by HMRC for this latest Self-Assessment Tax Return deadline were as follows:
- 12,187,811 Self-Assessment returns due
- 11,581,962 returns received by 31 January. This includes expected returns, voluntary returns and late registrations
- 11,027,962 expected returns received by 31 January
- 1.1 million estimated to have missed deadline
- 11,246,962 returns were filed online (97.11% of returns expected, following adjustments)
- 335,000 paper tax returns were filed (2.89% of returns expected, following adjustments)
Of course, as you would expect, HMRC advises anyone with outstanding tax to pay up immediately. There are various payment options available and guidance accessible online and through instructional videos. If you do have any issues surrounding Self-Employment tax returns, do drop us a line or give us a call.
Chartered Accountants in Richmond, Surrey, The Hughes Consultancy provides a wide range of business, tax, financial planning and business growth services. All of our clients benefit from competitive pricing, our expertise, and unlimited support. Contact us today to learn how we can support you.