Wednesday 2 January 2013

2012 tax returns

With more than 20,000 filing their tax returns over the Christmas break, HMRC is urging those yet to complete theirs, to do so before the 31 January cut-off date.
The 20,563 Self Assessment forms completed over Christmas Eve, Christmas Day and Boxing Day was a significant rise on numbers for the same period last year.
Christmas Eve proved to be the most popular of the three days, as three times more than on 24 December 2011 sent off their tax returns. Of the 14,330 that did so on Christmas Eve, 73 were sent between 11pm and midnight.
An additional 1,548 dug out their bank statements and P60s and completed their forms on Christmas Day, a 40% rise compared to last year, while 4,685 - amid the eating of turkey leftovers and other traditions ritually followed - on Boxing Day, chose to send their tax returns.
There are however 10.6m people who are legally required to file tax returns in the UK and an HMRC campaign rolled out this week is encouraging those, who have so far been putting off paying the tax they owe, to not miss the 31 January deadline for online tax returns to be filed on time.
An initial fine of £100 will be issued for any late returns – regardless of whether any tax was owed or if paid on time – while extra financial penalties will be added the longer the form remains unsent.

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