With less than a week to go until the deadline, HMRC has urged the 3.5 million taxpayers yet to file their self assessment tax return to do so before 11:59pm on 31 January 2019.
A total of 11,564,363 self assessment tax returns are due, of which 70% have already been filed, as of 22 January 2019. 7,359,607 of these were filed online: only 703,943 returns were filed on paper.
According to HMRC, more than 93% of taxpayers filed their tax return on time last year. It has reminded taxpayers that penalties will be issued for late filing: those who are late in submitting their return face a penalty of £100, even if there is no tax to pay, or if the tax has been paid on time. Additional penalties will be issued for continued late payments and late filing.
Commenting on the matter, Mel Stride, Financial Secretary to the Treasury, said: 'The deadline for the self assessment tax return is fast approaching, but there is still time for the 3.5 million customers who haven't completed their return to file by 31 January.
'It is important that customers are reminded of the self assessment deadline in order to avoid paying penalties.'
As your accountants, we can assist you in preparing and filing your self assessment tax returns – please contact us for more information.