Anna’s Accountancy Alerts – Week 7 (15th – 21st May 2023)

Anna’s Accountancy Alerts - Week 7 (15th - 21st May 2023)

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Record tax returns received on time

11.7 million self assessment taxpayers submitted their tax returns by the 31 January deadline, HMRC has revealed.

The final day for self assessment returns saw 861,085 customers file online to meet the deadline, some with minutes to spare. There were 36,767 customers who filed in the last hour before the deadline, but the peak hour for filing on the day was between 4pm and 4:59pm, when 68,462 customers submitted their tax return.

More than 12 million customers were expected to file a self assessment tax return for the 2021/22 tax year. HMRC is urging customers who missed the deadline to submit theirs as soon as possible or risk facing a penalty.

Marriage allowance

HMRC has reminded married couples eligible for the Marriage Allowance to make use of the tax relief.

Eligible couples are those who are married or in a registered civil partnership; one spouse or partner does not pay income tax, or their income is below the Personal

Allowance of £12,570; and the other spouse or partner pays income tax at the basic rate.

It is possible to backdate claims to include any tax year up to 6 April 2018, which could be worth up to £1,242 in tax relief.

Lost pensions

Around 2.8 million pensions are considered lost, an increase of 75% over the past four years according to the Pensions Policy Institute (PPI) and the Association of British Insurers (ABI). The average lost pot is worth £9,470.  If this is you it’s worth trying to find them.

Keep up to date with all things Accounting and Finance with my bi-weekly Accountancy Alerts. 

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