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Record number of self-assessments filed on time this year

Wonder of wonders – it looks like a massive number of self-employed contractors and freelancers managed to get their self-assessment forms in on time this year.

At least that’s what Her Majesty’s Revenue and Customs says. In fact, the taxman remarked that the number of self-assessment forms filed by the 31 January deadline broke all its records. In excess of 10 million returns made it in under the wire this year, handily defeating January 2013’s record by around 400,000 assessments.

That’s not all, though – contractors and freelancers flocked to online submission in a major way, with the internet facilitating 8.48 million returns – a good 500,000 more than last year. Nearly 85 per cent of all returns were done electronically this past January, meaning that HMRC will have much less of a devil of a time mucking about with all that bloody paperwork.

All in all, nearly 94 per cent of those required to file a 2012-2013 tax return last January did so, which is another major coup for the taxman and once more setting a new record. It looks like the whole focus HMRC had on pushing self-assessment awareness this past year seems to have absolutely paid off, judging by these figures!

Don’t worry, though – there’s still plenty of Brits waiting to the very last minute. More than half a million forms were filed on the deadline day. Still getting it done the day of is loads better than being slapped with a £100 penalty, isn’t it?

All in all, this bodes well for tax compliance, if you ask me. For what it’s worth most Brits can’t be arsed to get their financial details in order on time, especially freelancers and contractors who often have to end up using contractor accountants to manage their finances for them. At any rate, whether you did your self-assessment return yourself or you had the help of a skilled and talented accountant to help you through the process, well done you if you got it done before the deadline. For everyone who’s still dragging their feet – I hope you enjoy shelling out for all those ridiculously high-priced penalty fees! You know they keep going up over time, right?

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