One million tax returns have had an automatic £100 fixed penalty fine due to missing the 31st January 2020 submission deadline.
This results in a windfall for the Taxman of £100,000,000 as even people who have no tax liability but fail to submit are charged.
A total of 11.7 million returns were due in order to disclose income from the period April 6th 2018 to April 5th 2019. 10.7 million returns came through HMRC systems on time, with 700,000 people opting to wait right until the last day.
During the final hour of Friday night (31/1/20), 26,562 people were busy tapping away online to get their tax return through the finish line.
HMRC stress that people with an acceptable reason for not submitting their tax return could have their £100 penalty reversed. There is an annual tradition of revealing the worst late tax return excuses so be prepared to provide a good excuse and ready to offer proof if requested.
The good news is that, compared to the year before, the number of people missing the deadline is falling. So, there is less additional income for the Taxman to take via fines.