The Self-Assessment tax deadline is fast approaching. Taxpayers needs to pay their Self-Assessment tax bill by this Sunday, the 31st of January. However, in a welcome acknowledgement of the struggles of business trying to cope with the coronavirus lockdown, HMRC announced yesterday that those who miss the deadline will not receive a late filing penalty if they file their tax return by 28 February.
Taxpayers are still encouraged to file their return by 31 January and taxpayers are still obliged to pay by that date as well. HMRC’s website notes that “Interest will be charged from 1 February on any outstanding liabilities,” and that “taxpayers who cannot afford to pay their tax bill on time can apply online to spread their bill over up to 12 months,” although they would need to file their tax returns prior to doing this.
Taxpayers should also note that if they pay after 28 February there will be a 5% surcharge on the outstanding tax bill, so everyone please ensure you have paid by this date at the latest.
Jim Harra, the chief executive of HMRC, said: “we recognise the immense pressure that many people are facing in these unprecedented times… Not charging late filing penalties for late online tax returns submitted in February will give them the breathing space they need to complete and file their returns, without worrying about receiving a penalty.”
If you need any help with your self-assessment tax return, or for any other queries, give us a call on 01617737737 or drop us an email at firstname.lastname@example.org.