The Biggest Self-Assessment Tax Return in History

Over 10 million people filed their self-assessment tax returns; the biggest number that has ever been received. By midnight on January 31st, 2015, HMRC confirmed that they had received 10.24 million submissions. Of this staggering amount, 85.5% were completed online.

There were however 11.13 million expected to be filed which now leaves 890,000 or so still outstanding. The ones outstanding will face an automatic £100 fine for filing them late, this adds up to a quite staggering £89 million in fines! There will also be further late fines if they are left outstanding after three, six and twelve months.

Leaving It Late

Certain days were busier than others when it came to the amount of returns that HMRC received.

January 30th and 31st were the busiest days when there were 980,000 returns filed. The busiest hour of these two days was between 1pm and 2pm on January 30th. In this time there were almost 50,000 returns received; a staggering 830 per minute.

On the final day for people to get their returns in, the busiest time was between 11am and midday when almost 32,000 returns were received which equates to 530 per minute.

HMRC issued the returns in April 2014 and around 4.3 million people who received one left it until January to file them. That’s 43% of taxpayers leaving it right up to the last minute to get their returns submitted.

One quite astounding fact is that there were 1,773 tax returns filed on Christmas Day!

Avoid More Late Fees

Are you one of the 890,000 or so people who haven’t yet filed their tax returns? Whatever you do, don’t sit in silence and gather fine after fine! Here at K A Farr & Co Chartered Accountants, we can help you to avoid more late fines.

We’re based in Southport and have a dedicated team who will help along with everything regarding your tax return, ensuring that no stone is left unturned and making sure that you get everything submitted as soon as possible.

Get in touch with us by calling 01704 211434 if you have any questions, one of our helpful team will be more than happy to guide you through anything that you may need help with. Alternatively, get in touch with us via email on info@kafarr.co.uk and one of our team will get back to you as soon as possible.