Over 100 people filed their tax return minutes into 2024

As fireworks exploded across the UK to celebrate the start of 2024, 127 people saw in the new year by filing their Self Assessment tax return between 00:00 and 00:59 on 1 January.

In other figures released by HM Revenue & Customs (HMRC), 25,593 individuals submitted their tax details on New Year's Eve, and 23,724 customers did so on New Year's Day.

With less than a month to go until the 2022/23 Self Assessment tax return deadline on 31 January, the data shows almost 6.5m customers have already submitted it which leaves almost 5.7m still to do so.

HMRC is urging self-employed people and others who are covered by the Self Assessment rules to meet the deadline. Failure to do so means you could face the following penalties:

• an initial £100 fixed penalty, which applies even if there is no tax to pay, or if the tax due is paid on time.

• after three months, additional daily penalties of £10 per day, up to a maximum of £900.

• after six months, a further penalty of 5% of the tax due or £300, whichever is greater.

• after 12 months, another 5% or £300 charge, whichever is greater.

There are additional fines for paying late of 5% of the tax unpaid at 30 days, six months and 12 months. Interest will also be charged on any tax paid late.

Those who provide HMRC with a reasonable excuse could avoid a penalty, and if you owe less than £30,000, you may be able arrange a payment plan through the Time to Pay scheme.

Myrtle Lloyd, HMRC's director general for customer services, said:

"The clock is ticking for those customers yet to file their tax return. Don't put it off, kick start the new year by sorting your Self Assessment.

"Go to GOV.UK and search 'Self Assessment' to get started start today."

Advice for filing your Self Assessment tax return

• Join a webinar with Self Assessment advice on 24 January

• Enterprise Nation members can book free calls with accountants

• Find accountants offering Self Assessment tax return filing services

• Get advice on paying Self Assessment tax

• Watch HMRC videos on Self Assessment

• Chat to HMRC's digital assistant

• Read how to pay Self Assessment tax

• Read how to find last-minute help with your tax return

• Watch five tips for a smooth tax return