According to HMRC as at February 1st more than double the number of taxpayers failed to file their self assessment tax return on time this year.
HMRC has confirmed that 605,849 taxpayers missed the 31st January self assessment deadline, while 11,581,962 taxpayers submitted their tax returns for the 2022-23 tax year by the midnight deadline on 31st January.
What Happens If I File Late?
Anyone who filed after 11.59pm on 31st January would of received an automatic £100 penalty. The deadline for the first payment on account was also 31st January meaning nyone with outstanding tax to pay should do so as soon as possible as HMRC charges interest on late payments at 7.75%.
Did I Need To File a 2022/23 Self-Assessment Tax Return?
The UK has one of the most complex personal tax code systems in the world. This can make preparing even the most straight forward tax return seem very complicated. There are a number of key deadlines and responsibilities for taxpayers to be aware of.
You will need to complete a personal tax return if one of the following income types apply:
- Self-employed or a partner in a partnership
- Company director
- Large amounts of savings or investment income
- Untaxed savings or investment income
- Land or property that is being let
- Household receives Child Benefit and income exceeds £50,000
- Overseas income
- Sale of or gifted an asset (such as a holiday home or some shares)
- Live or work abroad or are not domiciled in the UK
- HMRC has issued a notification to complete a tax return
HMRC staff are not tasked to advise you on how to organise your affairs or minimise your tax. If you want to make sure you are paying the right amount of tax, you should consult a professional.
I Am Late Filing and Need Help
Do not panic. While it may be too late to stop you receiving an initial penalty, it is important you consult a professional as soon as possible to stop any further penalties or late payment interest incurring. For more information on HRMC’s late filing penalties please click here.
How Onyx Can Help
At Onyx Accountants and Business Advisors we use HMRC approved software to:
- Complete your tax return
- Calculate your tax liability
- File the return online
- Liaise with you on the amounts to be paid and when they are due
As part of the above service, we can analyse your self assessment tax return to see if any tax savings can be made and we can also review the form to see if there are any anomalies that need to be addressed before the return is submitted.
GET IN TOUCH WITH ONYX
Do you require assistance with your 2022/23 Self Assessment Tax Return? Would you like help completing future self-assessment tax returns? Our tax team are on hand to help if you have any queries regarding information in this article. If you want to discuss further, please give us a call or e-mail us at enquiries@onyx.accountants for a FREE no obligation consultation.
Our friendly team of tax specialists are happy to help. Just drop us a line!
Call us on 0121 753 5522 or 01902 759 800. We look forward to hearing from you!
