Fascinating Facts about Self-Assessment

Just a few days before the usual self-assessment deadline, the 11th-hour move by HMRC to extend this by one month to the 28 February is thought to benefit more than 3 million people who have yet to file their return during pandemic.

HMRC expects more than 12.1 million people to complete a Self Assessment tax return. Figures released earlier this month revealed that 55% of customers have already filed their returns, with more than 6.2 million choosing to submit online (93% of all returns filed).

As many of us find ourselves rushing to dig out receipts and reconcile invoices, it may be comforting to know that you are not alone in leaving your return to the last minute. HMRC has issued a press release sharing some little known facts about self-assessment.

HMRC’s seven self-assessment facts are:

• 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, or please contact your Finura adviser for assistance.

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Sources: https://www.theguardian.com/money/2021/jan/25/hmrc-extends-tax-self-assessment-deadline-by-a-month-to-28-february-pandemic
https://www.techlink.co.uk/user/knowledge/browse/taxation/63672_SELF-ASSESSMENT/121328_Fascinating_facts_about_Self-Assessment/
https://www.gov.uk/government/news/fascinating-facts-about-self-assessment