Self-assessment customers who cannot file their tax return by the 31 January 2021 deadline will not receive a late filing penalty if they file online by 28 February.
HMRC is encouraging anyone who has not yet filed their tax return to do so by 31 January, if possible. Anyone who cannot file their return by the 31 January deadline will not receive a late filing penalty if they file online by 28 February.
Taxpayers are still obliged to pay their tax bill by 31 January. Interest will be charged from 1 February on any outstanding liabilities and late payment penalties of 5% of the outstanding tax will apply to unpaid 2019/20 tax from 28 February as normal. Customers can pay online, or via their bank, or by post before they file.
Taxpayers who cannot afford to pay their tax bill on time can apply online to spread their bill over up to 12 months. But they will need to file their 2019 to 2020 tax return before they will be permitted to set up such a time to pay arrangement
We also understand that those wishing to claim the next Self Employed Income Support Scheme grant will not be able to do so unless their return has been submitted by 31 January.
At PM+M, we are still encouraging our clients to file their self-assessment returns on time, where possible, even if they can’t pay their tax straight away.
For more information on the latest Government announcement, please click here.
To discuss your self-assessment tax return, please call 01254 679131 and ask to speak to a member of our personal tax team.
This information is correct as of 25 January 2021. This blog is for general guidance only. Recipients should not act upon any of the information provided without seeking specific professional advice tailored to your circumstances, requirements or needs. Please contact PM+M before making any decisions based on any matters relating to this blog.
