his year a total of over 9.24 million online filings were made by the 31 January 2016 deadline. A further 1.14 million tax returns were submitted on paper returns. This means that more than 92% of returns were submitted on time (be it the paper or online deadline).
Any returns that were filed after the 31 January 2016 deadline will be subject a penalty. A £100 penalty for late submission of the Self Assessment returns applies even if taxpayers have no tax to pay or have paid any tax due on time.
In addition the following penalties applies to Self Assessment returns that are filed late:
From 3 months late: taxpayers will be charged an automatic daily penalty of £10 per day up to a £900 maximum.
From 6 months late: taxpayers will be charged additional penalties which are the greater of 5% of tax due or £300.
Over 12 months late: there are additional penalties based on greater of 5% of tax due or £300. In serious cases this penalty may be increased up to 100% of tax due.
HMRC’s Director General of Personal Tax, Ruth Owen, said:
'We all know it’s easy to put off completing your Self Assessment tax return, which is why it’s fantastic to see more customers than ever before completing theirs on time this year.'
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