Sutton business advisers and accountants Harmer Slater have published a press release which has been issued by HMRC detailing the number of online filings made for the 2014-15 Self Assessment returns. The use of the online service continues to grow year on year.
his year a total of over 9.24 million online filings were made by the 31 January 2016 deadline. A further 1.14 million tax returns were submitted on paper returns. This means that more than 92% of returns were submitted on time (be it the paper or online deadline).
This year the final submission days fell on a weekend so the highest numbers of returns were made on 29 January 2016 when over half a million online filings were made. The busiest hour was between 14:00 and 15:00, when over 50,000 returns were submitted.
Any returns that were filed after the 31 January 2016 deadline will be subject a penalty. A £100 penalty for late submission of the Self Assessment returns applies even if taxpayers have no tax to pay or have paid any tax due on time.
In addition the following penalties applies to Self Assessment returns that are filed late:
From 3 months late: taxpayers will be charged an automatic daily penalty of £10 per day up to a £900 maximum.
From 6 months late: taxpayers will be charged additional penalties which are the greater of 5% of tax due or £300.
Over 12 months late: there are additional penalties based on greater of 5% of tax due or £300. In serious cases this penalty may be increased up to 100% of tax due.
HMRC’s Director General of Personal Tax, Ruth Owen, said:
‘We all know it’s easy to put off completing your Self Assessment tax return, which is why it’s fantastic to see more customers than ever before completing theirs on time this year.’
Harmer Slater are an independent firm of chartered accountants and business advisers located in Sutton, close to central London with experience in dealing with listed and unlisted businesses operating across a range of industries in the UK and overseas. For full details go to HARMER