Record number miss self-assessment deadline
HMRC figures show that a record 1.8m people missed the January 31 self-assessment tax return deadline, equating to 15% of the 12.1m returns due. The number of people missing the deadline was nearly double the 958,000 who filed late last year and more than double the 730,000 recorded in 2019. Those who missed the deadline will not face the normal £100 late payment fine, with HMRC waiving the charge due to challenges brought about by the pandemic, but they will see interest charges on unpaid tax at an annual rate of 2.6%. Many motorsport business owners will have failed to meet the deadlu=ine and this is storing up trouble for them - missing the filing deadline is a red light to HMRC and could trigger a tax investigation.