Record breaking self-assessment tax return year!

January is always a busy period here at Finnies however this year presented a particularly challenging few weeks. HM Revenue & Customs has confirmed that it had received the highest number of self-assessment tax returns ever with 10.24 million submissions making the January 31^st deadline, 210,000 more than last year. In total, 11.13 million returns were due, meaning that 890,000 applications are now overdue and will face a £100 late penalty. There are further late-filing penalties after three, six and 12 months however our client shouldn’t worry about this.

It may not come as a surprise that the busiest days for HMRC were January 30^th and 31^st, when 980,000 returns were received. The busiest hour was between 1pm and 2pm on January 30^th when almost 50,000 returns were received; that’s around 830 per minute! One of the quieter days for tax returns was Christmas day, on which HMRC unwrapped only 1773 submissions.

HMRC's director-general of personal tax Ruth Owen said: "This is another record-breaking year for self-assessment, with 210,000 more people filing their returns on time than last year.”

If Finnies have helped you complete your tax return on time, we’d love to hear your feedback. Why not leave a review on our Facebook page: https://www.facebook.com/FinniesAccountantsLimited  or recommend/endorse your Finnies team member on LinkedIn?

January proved to be a successful period for the Finnies team as all relevant returns were submitted before the January 31^st deadline. If you’re looking for assistance on your tax return contact us on 01482 861919 or email at enquiries@finnies.org.uk.