More than 700,000 people face being fined for failing to submit their tax return on time.
The original deadline for filing the online self-assessment was 31 January, however HMRC has extended it to this Saturday, 13 February, for people who have already enrolled for online self-assessment or have requested a new user ID or password for the system.
More than 10 million returns have been completed so far, according to HMRC, but an estimated 710,000 remain outstanding – meaning those who failed to get their returns in on time will now face a financial penalty (outlined below).
However, the number of outstanding returns for this tax year has actually dropped from 730,000 in 2011/12 and from 850,000 in 2010/11.
The busiest day for returns was 31 January when 569,847 were submitted, so the vast majority of people left it right until the last possible moment.
The late-filing penalties are as follows:
- One day late = A fixed penalty of £100, which applies even if you have no tax to pay or have paid the tax you owe.
- Three months late = £10 for each following day, up to a 90 day maximum of £900. This is as well as the fixed penalty above.
- Six months late = £300 or 5% of the tax due, whichever is the higher. This is as well as the penalties above.
- 12 months late = £300 or 5% of the tax due, whichever is the higher. In serious cases you may be asked to pay up to 100% of the tax due instead. In some cases the penalties can be even higher than this. These are as well as the penalties above.