2,700 Self Assessment (SA) tax returns sent in on Christmas day

2,700 Self Assessment (SA) tax returns sent in on Christmas day

More than 2,700 customers filed their Self Assessment tax return on Christmas Day, HMRC has revealed.

The peak time for completing tax returns was 14:00 to 14:59, with more than 200 customers sending their online forms.

Because the Self Assessment deadline is on 31 January 2021, HMRC see thousands of customers using the Christmas period to complete and return their documents.  Customers are given the option to complete their tax returns online ahead of the deadline or at a time that suits them.

Once the tax returns are completed and submitted and the customers are informed of how much tax is owed by the HMRC, they can now setup a payment plan to spread the cost of their tax liabilities to the value of £30,000.

In total, 31,400 customers completed their 2019 to 2020 tax returns between 24 and 26 December:

  • Christmas Eve: 20,200 tax returns were filed. The peak time for filing was 11:00 to 11:59 when 2,892 returns were received
  • Christmas Day: 2,700 tax returns were filed. The peak time for filing was 14:00 to 14:59 when 214 returns were received
  • Boxing Day: 8,500 tax returns were filed. The peak time for filing was 15:00 to 15:59 when 858 returns were received
2,700 Self Assessment (SA) tax returns sent in on Christmas day

HMRC Advisory Fuel Rates (AFR) from 1st December

The 1st December 2020 Advisory Fuel Rates (AFR) have been cut by 1p per mile for petrol vehicles with engines of 1400-2000cc, while the diesel amount per mile for vehicles across all engine sizes remains unchanged.

The rates can only be applied to:

  • reimburse employees for business travel in their company cars; or
  • require employees to repay the cost of fuel used for private travel.

The advisory electricity rate for fully electric cars is unchanged at 4p per mile. Electricity is not a fuel for car fuel benefit purposes.

When employees are reimbursed for business travel in their company cars, HMRC will accept there is no taxable profit and no Class 1A national Insurance to pay.

Advisory fuel rates from 1 December 2020

Engine sizePetrol – amount per mileLPG – amount per mile
1400cc or less10p7p
1401cc to 2000cc11p8p
Over 2000cc17p12p

 

Engine sizeDiesel – amount per mile
1600cc or less8p
1601cc to 2000cc10p
Over 2000cc12p

Hybrid cars are treated as either petrol or diesel cars for this purpose.

HMRC reviews rates quarterly on 1 March, 1 June, 1 September and 1 December.

2,700 Self Assessment (SA) tax returns sent in on Christmas day

UK Budget set for 3rd March 2021

Chancellor Rishi Sunak sets the UK Budget for 3rd March 2021

Rishi Sunak has described the Budget as ‘will set out the next phase of the plan to tackle the virus and protect jobs’.

Sunak become Chancellor in February 2020 after Sajid Javid’s shock resignation.  This will be Sunak’s second Budget after his first being 11th March 2020.

The March 11th 2020 Budget was heavily steered towards the government’s first response to the coronavirus pandemic, which focused on new jobs and business support with £30bn of commitments.

There was speculation there would be an autumn Budget but this did not happen although Sunak has provided both a ‘summer economic update’ and a ‘winter economy plan’, still focusing on Covid-19 support.

The spending review was held in late November, with Sunak emphasising the UK was facing an ‘economic emergency’, and revealing the economy is set to contract by 11.3%, the largest fall in over 300 years.

There has been no suggestion that of any planned tax increases or other means to reduce the government’s borrowing, which means that next years Budget will be the first time he can announce changes to the UK tax.