HM Revenue & Customs (HMRC) is giving Self Assessment taxpayers more time to ease COVID-19 pressures.

 

HMRC has announced that it’s waiving late filing and late payment penalties for Self Assessment taxpayers for 1 month. This will give HMRC Self assessment taxpayers more time, if they need it, to file their 2020/2021 tax return and pay any tax due.

HMRC has said it recognises the pressure faced this year by Self Assessment taxpayers and their agents. COVID-19 is affecting some taxpayers and their agents to meet their obligations in time for the 31 January deadline. The penalty waivers will give taxpayers who need it more time to complete and file their returns online.

It also gives taxpayers more time to pay their tax that’s due without worrying about receiving a penalty. Interest will still be payable from the 1st of February, so it’s better to pay on time if you can.

The deadline to file and pay remains 31 January and HMRC is encouraging taxpayers to file and pay on time if they can. This is just to help ease the pressure for those who have been affected by COVID-19.

The penalty waivers mean that anyone who can’t file their return by the 31st January 2021 will not receive a late filing penalty if they file online by 28th February 2021.

For anyone who can’t pay their Self Assessment tax by the 31st January 2021 deadline will not receive a late payment penalty if they pay their tax in full or set up a Time to Pay arrangement by 1st April 2021.

Interest will still be payable from the 1st of February, so it’s better to pay on time if you can.

If you have any queries about your tax return or have any worries filing online on time, please give us a call to discuss further.

You can also check out the gov.uk website for more information.