With self-employment on the rise in the UK, it is estimated that 11.2 million people need to fill out a self-assessment tax return for 2013/14 – which is a higher figure than ever before.
In addition, this is the second year in which those with high income (£50,000 or more) and in receipt of child benefit (or whose partners receive child benefit), are now required to file a self-assessment return. Thereby further increasing the number of returns which are required to be filed.
This week, the press reported that so far 6.45 million returns have been filed, with the rest outstanding.
It appears that those aged between 18 and 20 and living in London are likely to be the worst offenders for filing their return late whereas figures from last year showed that the over 65s were the most punctual.
Taxpayers need to remember that if they miss the 31 January deadline they will be fined £100, whether or not they actually owe any tax. If the return is still outstanding after three months a charge of £10 per day for the next 90 days will be applied. So, in a nutshell, it is now time to act if you have not already done so.
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