HM Revenue and Customs (HMRC) disclosed that on Christmas Day 2023, 4,757 customers successfully submitted their Self Assessment tax return. Despite the day's traditional focus on festivities and gift exchanges, a surprisingly large number of customers managed to go online and complete the crucial task of filing their tax return for the 2022/2023 tax year. This proactive approach was ahead of the looming 31 January 2024 deadline.
Over the three-day festive period, a notable 25,769 customers filed their tax returns, showing an increase compared to the same period in the previous year. The distribution included 8,876 filings on Christmas Eve and 12,136 on Boxing Day. The peak filing time was between 12:00 and 12:59 on Boxing Day, with HMRC receiving 1,121 returns during this one-hour window.
In cases where customers cannot meet the full payment by the deadline, an online Time to Pay arrangement may be an option, particularly for amounts less than £30,000. The introduction of a new affordability assessment allows customers to input their income and spending details, facilitating the calculation of an affordable payment plan.
If you are self-employed as a sole trader and earned more than £1,000 in the last tax year, or are a partner in a business partnership, you will need to submit a tax return. For most self employed people, the deadline for filing your tax return online is 31 January.
At Styles & Associates, we provide a complete Self Assessment preparation service so we are here to help. We will calculate any income tax owed or rebate payable and submit the tax return to HMRC on your behalf.
For more information visit: https://www.stylesandassociates.co.uk/tax-returns-deadlines-penalties