Beating the Self Assessment clock – over a million miss the deadline!

A record-breaking 11.5 million UK taxpayers submitted their Self Assessment tax return by the deadline for 2022/23, HMRC has revealed.

However, with 12.1 million taxpayers expected to file a tax return and pay the tax they own, that leaves an estimated 1.1 million taxpayers who missed the deadline (that’s 9% of the total)!

Some 778,068 taxpayers filed on the last day (31 January), with 32,958 filing between 23:00 and 23.59.

The penalties for filing a tax return late are:

  • An initial £100 fixed penalty, which applies even if there is no tax to pay, or if the tax due is paid on time.
  • After 3 months, additional daily penalties of £10 per day, up to a maximum of £900.
  • After 6 months, a further penalty of 5% of the tax due or £300, whichever is greater.
  • After 12 months, another 5% or £300 charge, whichever is greater.

There are also additional penalties for paying late – 5% of the tax unpaid at 30 days, 6 months, and 12 months. Interest will also be charged on any tax paid late.