HMRC’s’ Chief Executive Jim Harra has announced that self-assessment customers will not receive a penalty for their late online tax return if filed by 28th February 2021.
Nearly nine million customers have filed their tax return already. Despite the announcement, HMRC is still encouraging anyone who has not yet filed their tax return to still do so by the original deadline (31st January).
What happens if you miss the deadline?
Under normal circumstances, HMRC would automatically send you a late filing penalty notice for £100 if your return is filed after 31st January 2021. However, this year HMRC has recognised that circumstances are far from ordinary and have agreed that the late filing penalty will not apply if you file online before 28th February 2021. Effectively, you have a further month to submit your return online for 2019-20.
Even if you file before 28th February 2021, any tax payable for 2019-20 and on account for 2020-21 remains payable on 31st January 2021.
Suppose you want to take advantage of the additional month in submitting your self-assessment online. In that case, it is worth noting interest will be charged from 1st February 2021 on any outstanding liabilities. You will still be able to pay via your bank, online, or by post before you file.
If you need assistant with filing your tax return, email us at contactus@accountinggem.co.uk, visit our website www.aag-accountants.co.uk or call us on 01473 744 700. We’re here to help you every step of the way.