With the pandemic causing financial issues for so many, HMRC has decided that those filing their self-assessment late will not receive a penalty providing they complete it by 28th February.
However, it’s worth noting that interest will be charged from 1st February on any outstanding liabilities.
Taxpayers who cannot afford to pay their tax bill on time can apply online to spread their bill over up to 12 months. But they will need to file their 2019-20 tax return before setting up a Time To Pay arrangement, so HMRC is encouraging everyone to do this as soon as possible.
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Email JaimeHMRC’s Chief Executive, Jim Harra, commented, “We want to encourage as many people as possible to file their return on time, so we can calculate their tax bill and help them if they can’t pay it straight away. But we recognise the immense pressure that many people are facing in these unprecedented times and it has become increasingly clear that some people will not be able to file their return by 31st January.
“Not charging late filing penalties for late online tax returns submitted in February will give them the breathing space they need to complete and file their returns, without worrying about receiving a penalty. We can reasonably assume most of these people will have a valid reason for filing late, caused by the pandemic.”
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