Self-Assessment tax returns are due on 31st January 2021 however, HMRC have stated that late filing fines will not be administered this year, if people can prove they filed late due to implications from the coronavirus pandemic.
HMRC are encouraging people to file their tax returns on time, even if they cannot pay the amount in full. For those unable to do so, due to the effects of the coronavirus pandemic, HMRC will accept a reasonable excuse and cancel the late filing penalty. This is providing that people file their returns as soon as possible afterwards. For circumstances that cannot be avoided due to Covid-19, such as homeschooling, may be seen as a reasonable excuse.
HMRC anticipates around 12 million people to file self-assessment tax returns this year, with over half having already filed their returns by 4th January 2021.
Support is available for those who cannot pay their tax returns in full. HMRC offers an option to apply to spread payments, of up to £30,000, over a 12 month period.
If you have not submitted your self-assessment tax return for the 2019/20 tax year, then get in touch with us today via our contact page.