HMRC have today announced that Self-Assessment customers will not receive an automatic penalty for filing their 2019-20 tax return late, provided it’s filed online by 28 February 2021.
However, it has also been confirmed that all Self-Assessment customers are still required to calculate and pay their tax bill by 31 January. Interest will be charged from 1 February on any outstanding liabilities. This can be paid online, through your bank, or by post either before or after you file.
For those clients who have not yet provided us with the information required to finalise their Tax Return we highly recommend that you do so as soon as possible to meet the tax payment deadline of 31 January 2021.
If you cannot afford to pay by 31 January, you may be able to set up an affordable plan and pay in monthly instalments. However you do need to file your 2019-20 tax return before setting up a time to pay arrangement.
More information is available on
GOV.UK.
For further advice on any of the information contained in this email, please contact your usual Moore adviser.