With the self-assessment deadline approaching in less than a month, HM Revenue and Customs (HMRC) is insisting customers submit their tax returns for the 2022 to 2023 tax year. Recent HMRC data reveals that almost 6.5 million customers have successfully filed their tax returns, with 49,317 individuals taking advantage of the New Year holiday to get a head start on their tax obligations:
Tax filling frenzy
- On New Year's Eve, 25,593 customers filed their tax returns, with the peak time between 12:00 and 12:59, totalling 2,677 customers.
- 127 customers welcomed the New Year by filing their tax returns between 00:00 and 00:59 on January 1st.
- On New Year’s Day, 23,724 customers submitted their tax returns, with the highest activity between 15:00 and 15:59, involving 2,354 customers.
Countdown to Compliance
The deadline for filing tax returns and clearing any outstanding taxes for the 2022 to 2023 tax year is January 31, 2024. We strongly recommend clients use the online platform at GOV.UK for seamless tax return submissions and payments. If, however, you seek the assistance of a resolute accountancy firm to alleviate the burden of reminders, feel free to reach out to us at Accountax Point. Our expertise lies in providing specialised support to businesses and individuals in need of professional accounting services.
Proactive Tax Solutions - Accountancy financial management
The Director General for Customer Services at HMRC underscores the urgency for clients who have yet to file their tax return, encouraging them to avoid procrastination and to jumpstart the new year by addressing their self-assessment. Comprehensive resources, such as video tutorials on YouTube and support on GOV.UK, are readily available to aid clients in completing their tax returns.
For those seeking additional guidance, assistance is just a phone call away at the HMRC self-assessment line. Recognising that not everyone may find the process manageable and may require further assistance to meet the deadline, individuals and businesses can turn to an accountancy financial management firm. At Accountax Point, we specialise in supporting these individuals and businesses, offering relief by managing their self-assessment needs.
The most efficient method for customers to settle their tax bill is through HMRC’s free and secure app. For those facing challenges in paying the full amount, support and advice are available on GOV.UK, with the option of organising a budget-friendly payment plan, known as Time to Pay, for amounts under £30,000.
Customers can initiate this process independently online by visiting GOV.UK and searching for information on "HMRC payment plan." Additionally, for personalised assistance and seamless navigation of the payment plan options, individuals and businesses can reach out to Accountax Point, our specialised team at the forefront of accountancy financial management.
Missing deadlines
HMRC will consider customers' reasons for missing the deadline, and those providing a reasonable excuse may avoid penalties. Penalties for late tax returns include an initial £100 fixed penalty, additional daily penalties after three months, and further penalties after six and twelve months. Additional penalties for overdue payments at 30 days, 6 months, and 12 months, along with interest on late-paid taxes, apply.
How to avoid scams
Customers are cautioned about the risk of falling victim to scams and are advised not to share their HMRC login details with anyone, including tax agents. HMRC scams advice is available on GOV.UK.
Navigate Self-Assessment with Ease
For more information on self-assessment, visit GOV.UK. Throughout January, customer support is available for queries related to HMRC self-assessment payments, refunds, and tax return completion on the helpline. Other queries can be addressed online, where guidance, videos, and tools are accessible at GOV.UK by searching for "Self-assessment."
HMRC provides various online resources, including a digital assistant, guidance notes, help sheets, YouTube videos, live webinars, the HMRC app, and the Personal Tax Account, ensuring customers have the information and support needed for accurate tax filing. Technical support for HMRC self-assessment online services, email updates, and social media updates are also available.
Customers needing extra support can contact voluntary or community sector organisations or seek support directly from HMRC self-assessment. Those no longer required to complete a self-assessment return can check their status online.
When filing, customers should include bank account details for prompt and secure repayments by HMRC. Any changes in circumstances should be communicated when calling HMRC self-assessment using the app or online at GOV.UK. This includes updates to addresses, names, or changes in business details for those who have stopped being self-employed.
E-commerce Update
Commencing on January 1, 2024, online selling platforms are required to gather and report seller details and income to HMRC, and the reporting deadline is anticipated by January 2025. Additional information can be found on GOV.UK. If you prefer personalised assistance and wish to consult with a professional, feel free to reach out to us. We are here to discuss your specific needs, ensuring legal compliance and efficient completion of the process.
At Accountax, we offer a comprehensive range of accounting services to clients of all shapes and sizes. We specialise in helping everybody that needs to file a tax return, including sole traders, first-time filers, those who require tax relief/refund claims, self-employed, freelancers and contractors, investors, building & construction workers (CIS), high earners (£80K+), landlords (inc. Airbnb hosts), couriers, riders or taxi drivers. Our experienced team of accountants is here to help you get the best outcome for your situation.
For personalised assistance with your tax obligations and expert accountancy financial management, contact Accountax Point today at 01293 307084 or email us at admin@accountaxpoint.com. Let us simplify your financial journey and ensure a seamless and efficient experience tailored to your needs.
This guide is for illustrative purposes only Accountax can only advise on Taxation matters, through the appropriate protocols. Full Terms and Conditions available on request.