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Self Assessment Tax Return

We are moving ever closer to the Self-Assessment Tax deadline of 31st January 2021.   It could be said, the vast majority of people won’t find many interesting things to say about completing their tax return! Here we look at some fascinating facts about Self-Assessment.

  1. The ending of the tax year is not the same as the day of the deadline, 31st January.  Nor is the end of the tax year 1st April.  The official tax year-end is 5th April.  The 31st January deadline is the date for the filing of the return and the payment of any taxes due.
  2. The very organised out of us file their tax return on 6th of April and be done with it.  In fact, 96,519 people filed their tax return on 6th April 2020.
  3. The Self-Assessment internet service began on 3rd July 2000, making this year the 20th Anniversary of online filing of the Self-Assessment form. It is reported 38,000 people completed the online self-assessment form that year before the 31st January deadline.
  4. 3.4 million people completed a Self Assessment Tax return online in January 2011.  This figure is expected to increase to 5 million people during the month of January 2021.
  5. The deadline day for 31st January falls on a Sunday this year.  The last time it fell on a Sunday was 2016.
  6. In 2020 the busiest filing day was unsurprisingly 31st January, with many people leaving it to the last minute. HMRC report 702,171 returns were completed on this day.
  7. The busiest hour of the last filing date in 2020 was between 16.00 and 16.59 when a whopping 56,969 people filed their returns during this hour.
  8. Don’t forget the late filing penalties.  There is no excuse, well very few excuses. COVID-19 being one of them.  If you haven’t filed your tax return by midnight prompt on 31st January, you will automatically incur a £100 fine. You’ve been told!
  9. The self-serve Time to Pay threshold has increased this year to £30,000 to help people spread the cost of their tax bill.
  10. HMRC expects over 12 million people to file a Self Assessment tax return in 2021.  HMRC report that around half of expected 2021 returns have already been submitted at the start of January. They claim 6.2 million people have chosen to submit their returns online. This represents 93% of the total returns received to date.

You can file your Self Assessment Tax Return at Gov.uk.

 

Nigel Carr
Nigel Carr
Nigel is a freelance financial writer and Author at Kinsella Tax. A business graduate he writes on financial matters as well as music for a number of high quality websites.
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