Did You Find Your Inner Peace?

For anyone reading this article that managed to meet the self-assessment deadline given by HMRC, you are one of an impressive 9.6 million to do so, which incidentally was over 100,000 more than last year.

It is true that fewer people missed the self-assessment date this year than last with only 730,000 taxpayers having missed the mark according to HM Revenue & Customs. Compared to the 850,000 people who were late last year, this shows a clear increase in on time tax returns, showing an upwards trend of HMRC correspondence.

Whether HMRC’s oddly effective ‘inner peace’ campaign is the reason for this sudden upsurge of tax returners, or people are simply biting the bullet and paying the taxman early out of coincidence, it is apparent that the tax office had their hands full last Thursday. The revenue stated that it had been the busiest day for people rushing to meet the deadline for online submission of their tax returns.

Because only 18% of taxpayers still submit their annual returns on paper, about 578,000 people were said to have been using the HMRC computer system on the deadline day, with the busiest hour being between 16:00 and 17:00 when a staggering 46,000 professionals submitted their returns. For anyone who for whatever reason missed the HMRC deadline, they will now incur a fine of £100, not to mention losing out on inner peace.

Many self-employed professionals incurred debt to the tax office, and as a result they no doubt begrudgingly obliged in time just before the cut-off point, but there are some that do not even know that they owe HMRC anything (and some that believe they shouldn’t).

For self-employed professionals who are being encouraged to find ‘inner peace’ with regards to the taxman, this can mean a number of different things. From admitting earnings, ensuring that they are IR35 compliant (concerning contractors), or simply keeping up to speed with money earned and money taxed, as much as we hate to admit it ‘inner peace’ with the taxman is a place where all professionals want to be.

By:Sam Greenwell

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