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February 3, 2020updated 05 Feb 2020 10:55am

Online tax-filing breaks a UK record

By Mohamed Dabo

A record-breaking 10.4 million UK taxpayers filed online in 2019. The total number of taxpayers who submitted their Self-Assessment tax return by the 31 January deadline (11.1 million) was also a record.

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A record breaking 11.1 million taxpayers made their contribution to the UK’s public services by hitting the 31 January deadline. The number filing online soared to more than 10.4 million for the first time ever.

About 11.7 million UK residents were required to file their 2018 to 2019 tax returns by 11.59pm on 31 January. More than 700,000 submitted their tax returns on deadline day, the peak hour for filing was between 4pm to 4:59pm when 56,969 filed.

Thousands of people filed their tax returns at the last minute, with 26,562 completing their returns from 11pm to 11:59pm on Friday 31 January 2020.

Angela MacDonald, HMRC’s Director General for Customer Services, said:

“It’s great to see that the majority of customers have submitted and paid their tax returns before 31 January. While few people enjoy the process it’s good to get it out the way and know you have contributed towards our vital public services. I’d like to thank everyone who filed and paid on time.”

“Get in touch if you’re late”

Customers who have missed the deadline should contact HMRC, MacDonald said.

“The department will treat those with genuine excuses leniently, as it focuses penalties on those who persistently fail to complete their tax returns and deliberate tax evaders,” the UK tax collecting agency noted in a release. “The excuse must be genuine and HMRC may ask for evidence.”

Tax is automatically deducted from the majority of UK taxpayers’ wages, pensions or savings. For people or businesses where tax is not automatically deducted, or when they may have earned additional untaxed income, they are required to complete a Self-Assessment tax return each year.

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The global Buy Now Pay Later (BNPL) market is estimated at a massive $120 million in 2021 – representing just less than 3% of the global ecommerce market. Yet the user-base is massive, with leading provider, Klarna, alone reportedly having 87 million users in 2021. This market is only expected to grow, with established companies like Apple and Goldman Sachs moving into the BNPL sector in bids to capitalize on this trend. To help you make the most of this growing market, GlobalData’s Buy Now Pay Later in 2022 and Beyond report provides detailed insight into the BNPL sector. This report:
  • Discusses the disruptive potential of the BNPL sector on the payments industry
  • Identifies the leading companies that are driving sector growth and the benefits this new payments solution provides to both merchants and consumers
  • Analyzes the consumer’s risk of using BNPL loans and government attempts at introducing regulations to the sector
  • Uncovers the main risks that consumers expose themselves to when borrowing with BNPL
Download this free report to get to know where this developing market is headed, and how you can reshape your strategies.
by GlobalData
Enter your details here to receive your free Report.

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