Self Assessment Penalty To Be Delayed By One Month

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Self Assessment Penalty To Be Delayed By One MonthTaxpayers however still need to pay any outstanding tax bill by January 31st deadline as interest will be charged.

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.

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