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News - 3 February 2014

Record breaking year for tax returns says HMRC

HMRC has released figures that show that the record for the number of online returns, set last year when 7.93 million people filed over the internet, was broken, as 8.48 million were sent online to HM Revenue and Customs (HMRC). This represents 84.5% of all returns received – a record-breaking percentage.

With approximately 10.74 million 2012 to 2013 tax returns due by 31 January, this means 93.4% met the deadlines – 31 October for paper and 31 January for online. This is the highest percentage of on-time returns ever recorded.

Stuart Coleman, Manager of the Tax Department of ABDS comments:
“The busiest day for online returns was 31 January, when HMRC received 569,847. The busiest hour occurred between 4pm and 5pm on the same day, when 45,706 returns – more than 12 per second – were received. And 21,027 people left it until the eleventh hour, and filed their online return between 11pm and midnight on deadline day.”

The penalty for missing the tax return deadline results in a £100 late-filing fine. There are further late-filing penalties after 3, 6 and 12 months.

If you need any help and advice with your Tax returns and declarations, contact Lavinia Newman, Stuart Coleman or Tonmoy Kumar to discuss how ABDS can help in all your financial and business planning.

ABDS Chartered Certified Accountants of Southampton.
Tel: 023 8083 6900  E-mail: abds@netaccountants.net

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