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SELF ASSESSMENT TAX RETURNS - UPDATE

Wed 3rd Feb 2021
HMRC announced that self-assessment customers will not receive a penalty for filing their 2019-20 tax return late, as long as they file online by 28‌‌th ‌February. HMRC were very much hoping that all customers would meet their 31st January deadline but are now offering more leniency due to the ongoing pandemic.

HMRC’s Chief Executive, Jim Harra, said “We want to encourage as many people as possible to file their return on time… but we recognise the immense pressure that many people are facing in these unprecedented times and it has become increasingly clear that some people will not be able to file their return by 31 January.”

By not charging late filing penalties for late online tax returns submitted in February, HMRC hopes to give businesses the breathing space they need to complete and file their returns, without the worry of receiving a penalty.

Further Information

HMRC has also increased support for customers who may need help with their tax liabilities. Once they have completed their 2019 to 2020 tax return, customers can set up an online payment plan to spread Self Assessment bills of up to £30,000 over up to 12 monthly instalments.

For more information on self-assessment returns and how to file them, get in touch with our team > https://bit.ly/2AefHiM

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