Self Assessment Penalty To Be Delayed By One Month
Self Assessment Penalty To Be Delayed By One Month

TAX RETURN

HMRC are delaying the automatic penalty usually applied on February 1st if the tax bill has not been filed and paid by the end of January 31st.

For this year, the automatic £100 late filing penalty will only be levied if the tax return is not submitted by February 28th.

The extension on the penalty has been provided as 45 percent of tax returns remain outstanding and HMRC recognises the negative effect of the pandemic as the cause.

Those missing the January 31st deadline will avoid the penalty but if they haven't paid any outstanding tax bill liabilities (payments on account) then interest will be applied from February 1st on that amount.

There is a facility available called Time to Pay, with newly widened eligibility to help people spread their tax bill over twelve months.

Over 40,000 people have already used the facility to help with their finances.

Advertisement
Advertisement
Jump to topic:
Browse Archives:
Advertisement

Help - find relevant tax tools and calculators - go back to top

Answer a few questions below and we will list relevant tax calculators and tools that can help you organise, budget and ultimately save you money!
are you an employee?