Millions yet to complete Self Assessment, HMRC reveals

Around 5.4 million Self Assessment taxpayers have yet to complete their annual return ahead of the 31 January deadline, it has been revealed.

The data, published by HM Revenue & Customs (HMRC), suggests that 45 per cent of customers are leaving their tax obligations to the “last minute”.

According to the report, approximately 12.1 million tax returns, covering the 2019/20 tax year, are to be filed before the January deadline. While approximately 55 per cent, or around 6.2 million taxpayers, have already done so, there are still an estimated 5.4 million returns yet to be filed.

With unforeseen delays and coronavirus disruption likely, HMRC urged those yet to file their return to “act now” to avoid penalties.

“In what was a very difficult year for many, we are grateful to the 55 per cent of our customers who have already submitted their returns,” said Karl Khan, HMRC’s Interim Director General for Customer Services.

“HMRC is ready to offer support to those who are yet to file their returns or are worried about paying their tax bill, but they must act now so we can help before the deadline.”

The tax office also reminded those affected by Covid-19 and therefore likely to struggle to make tax payments this year to reach out and arrange a payment plan.

For help and advice on related matters, please get in touch with our expert personal tax team today.

Posted in Income Tax.