HMRC received a record number of tax returns submitted on time this year. This has led to a record January figure of self-assessment tax payments. HMRC have reported income tax receipts of £21.9 billion in January.
Record Tax Payments
HMRC has revealed 11.7 million people submitted their tax returns on time this year. It was anticipated more than 12 million customers were to submit a Self Assessment tax return for the 21/22 tax year. Her Majesty Revenue & Customs have urged anybody who has missed the deadline to submit them as soon as possible. Any people submitting their tax returns late are at risk of receiving a fine. It is estimated 600,000 people missed the deadline and are liable for the £100 fixed penalty.
They report 861,085 people submitted their returns on 31st January, the last day allowed to submit their 21/22 returns. Of these, almost 40,000 people submitted their returns in the last hour! The busiest time of day on the 31st of January was between 4pm and 5pm, when 68,462 people submitted their returns. It is estimated only 3.4% of returns were paper tax returns.
The record number of returns has resulted in the biggest figure for January self-assessment receipts. As mentioned above, this equated to £21.9 billion. This is the highest figure since records began in 1999.
Huge Boost For The Treasury
The record tax payments have provided a welcome boost for the treasury. The receipts led to a £5.4 billion surplus for the government, despite the government’s increase in spending, especially on the likes of support for energy bills. It comes as a pleasant surprise with the government anticipating a deficit. It was, however, a drop against the £7.1 billion surplus the government received in January 2022.
If you would like advice on your tax affairs please contact us on 0800 802 1311.