HMRC self assessment deadline – 4,000 filed on Christmas Day, have you submitted yet?
With the HMRC self assessment deadline a matter of weeks away, data released from HMRC reveals that over 40,000 tax returns were submitted Over Christmas.
Indeed, over 4,400 were submitted on Christmas Day itself. rather than wrap last minute presents, almost 24,000 tax returns were submitted on Christmas Eve. Whilst on Boxing Day, almost 12,000 tax returns were filed online.
If you still haven’t filed your return Alexander & Co can assist. If you were one of the many who filed over Christmas and do not want the stress next year, we can asst you in 2025.
What are the Self Assessment tax return deadlines?
The deadline for completing your HMRC Self Assessment tax return online for the tax year 6 April 2023 to 5 April 2024 is 31 January 2025. (The deadline for paper returns has already passed, being 31 October 2024). As of 6 January 2025, HMRC calculates 5.4 million returns are still to be filed. It is prudent to file these as soon as possible, as the system often encounters problems nearer the deadline (especially on 31 January) as people rush to complete their returns on time and the online system becomes overloaded. Rushing at the last minute can also lead to entering errors on a return, which in turn, could lead to penalties for incorrect filing or an increased liability thorough over declaring income by mistake.
Who needs to complete a Self Assessment tax return?
A HMRC self assessment tax return needs to be completed in the following circumstances. (Even if you have not earned any income outside of PAYE in the tax year):
- If HMRC has issued a tax return to you. This needs to be returned
- If Child Benefit is received by either yourself or your partner and either of you had an annual income of more than £50,000
- Earned less than £1,000 but would like to pay voluntary Class 2 NI Contributions which would protect entitlement to State Pension and certain other benefits
- If you have received more than £2,500 in other untaxed income, this could include:
- Tips or commission
- Money from renting out a property
- Foreign income
- If you have received Income from savings, investments and dividends
- By self-employed sole traders who earned more than a £1,000
- Those who are a partner in a business partnership
- Individuals with an annual income over £100,000
Help in paying your tax bill
HMRC will only consider assisting taxpayers struggling to pay their tax bill once their tax return has been submitted. Once a taxpayer has completed their tax return and knows how much tax they owe, they can set up a payment plan to help spread the cost of their tax liabilities.
This is available online for liabilities up to £30,000, spread out over a maximum of 12 monthly direct debits. Interest is applicable to outstanding balances from 1 February 2021. If a taxpayer’s debts are greater than £30,000 or they require longer than 12 months to pay their debts in full, a time to pay request can be made direct to HMRC. Again, HMRC will only consider a request once the 2023/24 tax return has been submitted.
Assistance with Self Assessment and agreeing Time to Pay arrangements
Our specialist tax team assists a wide range of clients’ HMRC self assessment submissions each year. We calculate tax liabilities to ensure they are only paying the correct amount of tax they ought to. We also work to make sure businesses are structured in the most tax efficient way to suit personal needs.
Our team also provides help and advice on Time to Pay. Here, we can ensure all required information, including cashflows, budgets, forecasting and business plans are robust and up to date.
Contact Alexander & Co
For more information, please contact our tax advice team on 0161 832 4841. Alternatively, email info@alexander.co.uk or simply fill out the form below.
