Record Numbers File Tax Returns Online

Record Numbers File Tax Returns Online

Record Numbers File Tax Returns OnlineA record 5.8 million business owners filed their self-assessment tax returns online this year – a 51 per cent rise on 2008, according to HM Revenue & Customs (HMRC).

This figure means that two-thirds of all self-assessment tax returns were filed online this year.

"More and more people are recognising the benefits of filing their tax return online,"

said financial secretary to HM Treasury, Stephen Timms.

"Online returns make it easier and quicker to calculate how much tax you owe and you can pay online too."

Changes to the self-assessment filing process in 2008 gave taxpayers a choice of two deadlines, 31 October for paper tax returns and 31 January for online tax returns. In addition, any tax owed for the 2007-08 tax year had to be paid by 31 January.

Usually, late-filing tax payers face an automatic £100 fine, plus interest on any tax due, if they miss the 31 January deadline. However, HMRC has stated that people who filed their return online before midnight on 1 February would not be penalised.

Visit the HMRC website for more information on late payments of self-assessment tax returns.

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