Self-Assessment Tax Returns – 7 interesting facts!

As we approach the 31 January self-assessment online filing deadline, here are seven interesting facts about self-assessment recently shared by HM Revenue & Customs (HMRC):

• 96,519 people filed their tax return on 6 April 2020, i.e. the first day of the tax year; it’s the 20th anniversary of self-assessment internet filing
• in January 2011, 3.4 million taxpayers filed their self-assessment return online – this has increased to an estimated 5 million in January 2021
• this year’s deadline is on a Sunday – this has not been the case since 2016
• last year, the busiest online filing day was 31 January with 702,171 returns completed
• the peak hour for filing last year was between 16:00 to 16:59 when 56,969 customers filed
• HMRC has increased the self-serve Time to Pay threshold to £30,000 to help self-assessment customers spread the cost of their tax bill, although interest will be applied to any outstanding balance from 1 February 2021
• For anyone who is yet to file their self-assessment return, HMRC does offer help and support including videos and webinars.

All self-assessment customers are encouraged to complete their tax return by 31 January.  However, if that is not possible, they will not be charged a late filing penalty if they do it by 28 February.

If you need help with tax year end planning, read our Guide to 20/21 Year End Planning or contact us for further advice.