Self assessment

Record number of self-assessments HMRC says almost three-quarters of a million people filed their self-assessment tax return on the January 31 deadline, with over 27,000 submitting returns online in the hour before midnight while 700,000 people missed the deadline. The figures show that a record 93.68% of self-assessments were completed in time. Considering the implications for those that missed the deadline, which can incur a £100 fine even if there is no tax to pay, Chas Roy-Chowdhury at ACCA says that while HMRC can be lenient when an excuse is presented “HMRC interpret what constitutes a reasonable excuse very narrowly, way too narrowly in my view.” Anita Monteith, tax manager at ICAEW, comments: “If you think you shouldn’t have needed to file a tax return at all, call HMRC and explain why you think this is the case.”