HM Revenue and Customs (HMRC) announced that 11.5 million taxpayers filed their Self Assessment tax returns for the 2022-2023 tax year by the January 31st deadline. This marks a significant achievement as it exceeded expectations with over 12.1 million individuals tasked with completing and submitting their returns and settling any due taxes.
A Surge in Last-Minute Submissions
The final day before the deadline witnessed many submissions, with 778,068 taxpayers filing their returns. Notably, the hour between 16:00 and 16:59 saw 61,549 submissions, making it the busiest period, and an additional 32,958 taxpayers submitted their returns in the final hour before midnight.
HMRC’s Advice for Those Who Missed the Deadline
HMRC encourages individuals who didn’t meet the deadline to file their returns as soon as possible. An interactive tool on the GOV.UK website is designed to assist taxpayers with their submissions. HMRC also reminds that penalties for late submissions and payments will be imposed, stressing the importance of timely compliance.
Support and Resources for Taxpayers
Myrtle Lloyd, HMRC’s Director General for Customer Services, thanks those who met the deadline and offers guidance to those who have yet to file. HMRC suggests exploring payment plans as a viable option for individuals concerned about paying in full. Detailed information on how to set up these plans is available on GOV.UK, reflecting HMRC’s commitment to supporting taxpayers through flexible payment solutions.
Payment Options and Future Tax Planning
With the payment deadline also on January 31st, HMRC advises individuals with outstanding taxes to make their payments without delay. Taxpayers can choose from various payment methods, including online payments, the HMRC app, bank transfers, or setting up a Time to Pay payment plan. Resources like a YouTube video guide are available to help taxpayers set up an online payment plan.
Looking ahead, HMRC encourages taxpayers to consider setting up a Budget Payment Plan for their 2023-2024 tax bill, allowing for regular contributions and helping spread the cost over time. This plan is distinct from the usual payments on account and offers a proactive approach to tax management.
Appeals and Protecting Against Scams
For those who file or pay late due to reasonable excuses, HMRC offers a process to appeal penalties through an interactive guide on GOV.UK. Additionally, HMRC warns against scam risks, advising taxpayers to keep their HMRC login details secure and not share them, even with a tax agent.
Conclusion
This record-setting filing year highlights the collective effort of taxpayers to adhere to their tax obligations. HMRC’s array of supportive measures, including diverse payment options and comprehensive guidance, underscores its dedication to facilitating a manageable tax filing process. Taxpayers are encouraged to leverage these resources, ensuring they remain compliant and informed.
