No Penalty for late Self Assessment Filing

Self assess

Good news for those struggling to get the information for the Self Assessment Deadline of 31 January 2021, HMRC have announced that you can file the return online by 28 February 2021 and not receive the usual automatic penalty.

Whist this extension has been announced by Chief Executive Jim Harra, this extension DOES NOT relate to the actual Tax due to be paid by 31 January 2021. Any tax due should still be paid, or interest will be charged from 1 February 2021.

However, there is some good news for those who are struggling to pay their tax in these uncertain times. If you can not afford to pay the tax on time you can apply to spread the amount due (up to £30,000) over 12 monthly installments. This can only be done once the Return has been submitted.

So, get the return in and if you are then struggling to pay the amount due you can apply for a self serve time to pay at www.gov.uk/pay-self-assessment-tax-bill/pay-in-instalments. You should note that interest will still be payable from 1 February 2021.

If you need to talk to someone about your personal, or business, tax position or any other concerns please contact our experts on 01625540744.

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