Self Assessment 2023 Facts and Figures

HMRC have released their Self Assessment 2023 facts and figures :

• 12,060,872 Self Assessment tax returns were issued to tax payers
• 11,399,465 expected tax returns were received by 31 January (94.5% of returns expected)
• an estimated 600,000 customers missed the deadline
• 10,965,993 returns were filed online (96.2% of tax returns)

Those who have missed the 31 January 2023 deadline may face a penalty. The penalties for filing a tax return late are:

• an initial £100 fixed penalty, which applies even if there is no tax to pay, or if the tax due is paid on time
• after 3 months, additional daily penalties of £10 per day, up to a maximum of £900
• after 6 months, a further penalty of 5% of the tax due or £300, whichever is greater
• after 12 months, another 5% or £300 charge, whichever is greater

If you require assistance in bringing your tax affairs up to date please contact your nearest office where a member of our staff will be able to help.

Disclaimer - All information in this post was correct at time of writing.