Most of us are more than aware by now that the deadline for the online self-assessment tax return is coming up very soon – January 31st to be precise – and if you weren’t aware of this, then make sure that this becomes your priority this week!
However, according to new HM Revenue & Customs (HMRC) details, it is more likely that any contractors who miss the deadline for submitting their self-assessment tax return (and receive a fixed fine of £100) will be male.
The new report highlighted that last year, for every 10,000 tax returns received from men, 394 were actually submitted after the relevant deadline, which was October 31st for the paper submissions and, of course, January 31st for the online submissions.
In comparison, for every 10,000 returns submitted by women, only 358 were late, suggesting that while some female contractors obviously still submit theirs late, they are less likely to do so than their male counterparts.
The report from HMRC also showed that age range also made a difference when it came to late returns, with those aged between 18 to 20 years old being the most likely to receive a fine with an astonishing 1,085 in every 10,000 submitting theirs late. In comparison, those aged 65 years and over were actually the most prompt with only 155 out of 10,000 missing the deadline, which suggests that age has a large effect on tax return submissions.
The industries that contractors work in also make a difference, as those who work in agriculture, fishing and forestry are more likely to submit their returns in time, with only 109 in every 10,000 missing the deadline. Those working in the information and communication industries were, undoubtedly, the worst, with 390 out of every 10,000 filing theirs late.
If you haven’t yet submitted your tax return, then it is so imperative that you do it as soon as possible. HMRC director general of personal tax, Ruth Owen, said: Whatever your gender, age, occupation or location, if you haven’t sent in your 2013-14 tax return, you need to take action now. HMRC offers a range of help and advice. But don’t leave it until the last minute to contact us. Do it now, and avoid a last-minute rush to beat the deadline.…
Credit Image: pojoslaw via Thinkstock
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