As the 2016/2017 tax year kicks off, we look back at a few interesting facts and figures from the last tax season.
HMRC collected a record-breaking £163,109 million in income tax in the 2014/2015 tax year from 11.25 million taxpayers.
1.14 million taxpayers chose to submit their returns by the tried and trusted paper-in-the-post method. The remaining 9.24 million submissions were made via HMRC’s online portal.
As usual, there was a last minute rush for filing returns; the busiest submission period was between 14:00 and 15:00 on the Friday preceding the deadline. Just over 50,000 tax returns were pushed through during that hour. Unfortunately, 870,000 taxpayers missed the 31 January deadline and were issued with an automatic £100 fine – earning HMRC an additional £87,000,000 in first-stage penalties.
Although the filing rush occurs every year, 57% of taxpayers in the 2014/2015 tax season gave themselves peace of mind and filed their return with at least a month before the deadline.
HMRC used its new sophisticated software to examine 3.4 million repayment claims. This resulted in the rejection of 17,000 claims, saving the Treasury £96 million.
Want to make sure you’re fully prepared for the next tax season? Our experienced team of accountants will ensure you never miss another deadline. Email us or visit our website to find out more.