Figures released by the Inland Revenue today show that some 10% of the 9,246,000 Self Assessment taxpayers failed to send their tax returns in on time. Contacts: Viv Rees: 020 7245 4109; Mobile: 07900 220 887
Penny Finch: 020 7235 9381
Figures released by the Inland Revenue today show that some 10% of the 9,246,000 Self Assessment taxpayers failed to send their tax returns in on time. As well as laying themselves open to a £100 penalty, most will also be liable for interest at 6.5% on their outstanding tax balances.
The Chartered Institute of Taxation, CIOT, is asking for an immediate investigation as to why this problem continues.
The CIOT is concerned that this huge number of defaulters - at 875,000 (9.47%) is an increase on last year's number of 847,000 (9.31%) - conceals hidden problems. The Institute is calling for immediate research into the reasons why so many people miss the deadline.
Penny Hamilton, CIOT President, said:
"It has to be a matter of concern that some 10% of the Inland Revenue's customers have failed to manage their basic obligations. We repeat the call we have made in previous years for an investigation into the reasons for this.
“If people are finding it too difficult, that supports our call for simplification. If they need more assistance, we need to work with the Revenue to provide it. If people need more time, we need to find out which bits of the process are causing the problems.
“Not all 875,000 people will have missed the deadline for the same reason - finding out why will help improve the position."