Skip to main content
We're here with practical information for your business. Learn about business planning, running a business and more.

Search

For a successful business, you need a viable business idea, the skills to make it work and the funding. Discover whether your idea has what it takes.

Forming your business correctly is essential to ensure you are protected and you comply with the rules. Learn how to set up your business.

Advice on protecting your wellbeing, self-confidence and mental health from the pressures of starting and running a business.

Learn why business planning is an essential exercise if your business is to start and grow successfully, attract funding or target new markets.

It is likely you will need funding to start your business unless you have your own money. Discover some of the main sources of start up funding.

Businesses and individuals must account for and pay various taxes. Understand your tax obligations and how to file, account and pay any taxes you owe.

Businesses are required to comply with a wide range of business laws. We introduce the main rules and regulations you must comply with.

Marketing matters. It drives sales and helps promote your brand and products. Discover how to market your business and reach your target customers.

Some businesses need a high street location whilst others can be run from home. Understand the key factors from cost to location, size to security.

Your employees can your biggest asset. They can also be your biggest challenge. We explain how to recruitment and manage staff successfully.

It is likely your business could not function without some form of IT. Learn how to specify, buy, maintain and secure your business IT.

Few businesses manage the leap from start up to high-growth business. Learn what it takes to scale up and take your business to the next level.

A record 11.5 million tax returns filed by the deadline

2 February 2024

HMRC has revealed that a record number of Self Assessment tax returns were submitted by the filing deadline.

A record-breaking 11.5 million taxpayers submitted their Self Assessment tax returns for the 2022 to 2023 tax year by midnight on 31 January, HM Revenue and Customs (HMRC) reveals.

More than 12.1 million taxpayers were expected to file a tax return and pay any tax owed. Of those that met their obligations by the deadline, 778,068 beat the clock to complete it on 31 January, including:

  • 61,549 customers who filed between 16:00 and 16:59 – the peak hour for filing
  • 32,958 customers who filed between 23:00 and 23:59

HMRC is urging anyone who missed the deadline to submit their tax return now. There is an interactive tool on GOV.UK to help customers with their return. Late filing and late payment penalties are charged for failure to meet the deadline.

Myrtle Lloyd, HMRC’s Director General for Customer Services, said:

"Thank you to the millions of Self Assessment customers and agents who met the deadline. Anyone who has yet to file and is concerned that they cannot pay in full may be able to spread the cost of what they owe with a payment plan. Search ‘pay your Self Assessment’ on GOV.UK to find out more."

The Self Assessment payment deadline was also 31 January, and anyone with outstanding tax to pay should do so as soon as possible. There are many ways to pay, including online, using the HMRC app, by bank transfer, or setting up a Time to Pay payment plan. There is a video on YouTube to help customers set up an online payment plan.

A full list of payment options can be found on GOV.UK. There is also a video on YouTube that explains a customer's Self Assessment tax bill and the different ways to pay.

Customers can plan ahead for their 2023 to 2024 tax bill and set up a regular payment plan to help spread the cost. HMRC's Budget Payment Plan enables those who are up to date with previous payments to make regular weekly or monthly contributions towards their next tax bill.

A Budget Payment Plan is different from payments on account, which are usually due by midnight on 31 January and 31 July.

Taxpayers who file or pay late but have a reasonable excuse can appeal penalties on GOV.UK. HMRC has published interactive guidance to explain the process and signpost them to the correct course of action.

People should be aware of the risk of falling victim to scams and should never share their HMRC login details with anyone, including a tax agent, if they have one. HMRC scams advice is available on GOV.UK.

Copyright 2024.

Issued by HM Revenue & Customs Press Office

Stay up-to-date with business advice and news

Sign up to our lively and colourful newsletter for new and more established small businesses.

Contact us

Make an enquiry