The deadline for submitting tax returns in the UK has passed, and it has been reported that over two million taxpayers have missed the deadline. This is a significant increase from last year, where 1.8 million taxpayers missed the deadline.
The deadline for submitting tax returns online was midnight on 31st January 2021. Those who missed the deadline will now face a penalty of Â£100, even if they have no tax to pay or have already paid their tax bill.
The increase in the number of taxpayers missing the deadline can be attributed to a number of factors. The ongoing pandemic has caused financial difficulties for many people, and some may have struggled to gather the necessary information to complete their tax return. Additionally, the government’s furlough scheme and self-employment income support scheme have created confusion for some taxpayers, who may not have been sure how to report their income correctly.
However, missing the deadline is not the end of the world. Taxpayers who have missed the deadline can still submit their tax return as soon as possible to avoid further penalties. The longer they delay, the more they will have to pay in penalties and interest.
It is important to note that taxpayers who have missed the deadline and have a reasonable excuse for doing so may be able to appeal the penalty. Examples of reasonable excuses include serious illness, a family bereavement, or a fire or flood that prevented the taxpayer from completing their tax return.
In conclusion, missing the deadline for submitting tax returns can be costly, but it is not the end of the world. Taxpayers who have missed the deadline should submit their tax return as soon as possible to avoid further penalties. If they have a reasonable excuse for missing the deadline, they may be able to appeal the penalty. It is important to stay on top of tax obligations to avoid unnecessary stress and financial burden.