Number of people missing tax deadline soars 142%

The number of people missing January’s self assessment tax deadline has increased by 142% between 2020 and 2022, up 30% in a single year alone, according to research by RIFT Tax Refunds.

The figures show that last year, over 2.3m people failed to complete and submit their self assessment in time.

Missing the payment deadline itself will also see penalisation by HMRC. You may be charged £100 a day late, with £10 for each additional day to a cap of 90 days. If you fail to pay within six months, HMRC can charge an additional £300 or 5% of the tax due, depending on which is higher.

CEO of RIFT Tax Refunds, Bradley Post, said: “Completing a self assessment can be taxing, to say the least, but it’s far better to tackle the issue head on rather than leaving it to the last minute. If you’re yet to complete it, don’t panic, there’s still time before the end of month deadline, but failure to do so will result in a financial penalty, which is the last thing anyone needs in the current climate.

“There are also a host of ongoing things to consider, such as the payment deadline, the requirement of advanced payments and getting your self assessment right in the first place.”

He added: “With so much to think about, it’s no wonder that the vast majority of us employ professional help. Doing so will not only help you meet the required deadlines and prevent you from being hit with any further financial penalties, but it will also ensure that you are getting your fair share when it comes to the money owed to you for the expenses you’ve incurred.”