Today HMRC has finally announced that Self Assessment “customers” will not receive a penalty for filing their 2019-20 tax return late, as long as they file online by 28 February. They are still encouraging tax payers who have not yet filed to do so by 31 January, if possible.
If you have a liability you still need to pay your Self Assessment tax bill by 31 January. Interest will be charged from 1 February on any outstanding liabilities.
We will still be working hard to notify our clients who have tax to pay so that you can do so in time.
You can pay online, or through your bank, or by post before you file.
If you cannot afford to pay by 31 January, you may be able to set up an affordable plan and pay in monthly instalments. But you will need to file your 2019-20 tax return before setting up a time to pay arrangement.
It’s great news in these difficult times – a shame it wasn’t announced at the start of the month but better late than never!
Please contact us if you would like further information