750k Brits Missed Their Tax Deadline

February 2, 2018 Taxation in UK

HMRC deadlineLONDON – The HM Revenue and Customs have revealed that nearly three-quarters of a million taxpayers did not file their mandatory tax self-assessment forms this week.

The deadline for filing tax self-assessment forms for UK taxpayers was January 31st.

However, a total of 745 588 failed to meet their obligation.

Overall, 10.7 million returns were filed, and 30 348 of those were filed in the last allowable hour.

Despite the significant number of missed fillings, the compliance rate has actually improved.

In 2017 the compliance rate was 7 percent, while in 2016 the rate was 8 percent, and now the rate has dropped to 6.5 percent.

Those who file their return late face a penalty of at least GBP 100, although further penalties may be incurred if no effort is made to comply with their requirements.