According to the HMRC there were around 10.34 million people that fell within the self-assessment category during the latest tax year which means that 92.9% were successful in meeting the deadline.
According to the statistics there were over half a million tax returns filed on January 31st, the deadline for online applications. This was also a record number showing that many people left their filing to the last minute. The statistics showed that the busiest period for filing returns was between 4-5pm when the HMRC received more than 12 tax returns per second.
Interestingly the statistics also showed that some people opted to file their tax returns on Christmas day when the HMRC received 1,548 applications.
Marcus Redford, Director at Redford & Co commented, "It is clear that online filing is working for HMRC as a method for delivery, but they must continue to enhance their infrastructure to cope with the increasing amount of information that needs to be submitted to them."
Any self-assessed individuals who failed to meet the deadline would have received an automatic £100 penalty fee. The deadline for paper returns was 31st October 2012, whilst the deadline for online returns was 31stJanuary 2013. A total of 7.93million people opted to file their tax returns online.
Redford & Co are a firm of chartered accountants based in central London who specialise in tax planning, business advice and investments. The firm was established in 1968 and they currently serve a variety of different industries including the media, legal and medical industry. For further information on Redford & Co you can visit their website for details: http://www.redford.co.uk/
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