TaxPersonal TaxSelf-assessment stampede expected

Self-assessment stampede expected

A last minute self-assessment rush looks imminent, after the Inland Revenue today revealing some 3.8 million taxpayers have yet to submit their returns, with just 29 days to go until the deadline.

Latest Revenue figures show 5.5 million returns have been submitted out of 9.3 million returns issued. The Revenue also said it was not yet sure how many of the forms received were correctly calculated.

Under the SA tax system, taxpayers who fail to submit their returns by 31 January, will be handed automatic Pounds 100 fines and penalty interest of 8.5% until the debt is paid. Last year almost one million taxpayers failed to submit their returns before the January deadline.

Some 50,000 returns have so far been filed electronically.

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