No late filing penalty for 2019-20 Self Assessment returns
25/01/21
HMRC have announced that Self Assessment tax payers will not receive a penalty if they file their 2019-20 tax return late, as long as they file it online by 28 February.
However, HMRC say that they encourage those tax payers who are able, to file their return by 31 January.
You still must pay your Self Assessment tax bill by 31January, and interest will be charged from 1 February on any outstanding liabilities.
There are various ways to pay, including paying online, through a bank, or by post.
If anyone cannot afford to pay by 31 January, they may be able to set up an affordable plan and pay in monthly instalments. But they will need to file their 2019-20 tax return before setting up a time to pay arrangement, and interest at 2.6% is charged.
If you would like to revive support on how to pay your Self Assessment or discuss your payment options, please call us on 020 7625 4545 or email us at info@mgr.co.uk
Warning: The above is merely general guidance and should not be relied upon as formal advice. The advice we give to each client will depend on their specific circumstances. We suggest you take professional advice before taking any action in relation to the issues discussed above.
