Deadline extended until February 28th – but not for tax owed
On the 25th January 2021, HMRC announced that those who complete their 2019/20 Self-assessment return before the 28th of February will not be fined the usual £100, thereby extending the January 31st deadline. However, any tax owing and not paid to HMRC by the 1st February, will still incur interest at 2.6%.Tue, 26 Jan 2021
On the 25th January 2021, HMRC announced that those who complete their 2019/20 Self-assessment return before the 28th of February will not be fined the usual £100, thereby extending the January 31st deadline. However, any tax owing and not paid to HMRC by the 1st February, will still incur interest at 2.6%.
Penalties on tax owing will begin as normal on the 2nd March.
What this means is that HMRC's extension of the deadline to February 28th is only relevant to those who owe little or no tax, as interest of 2.6% will still be charged on taxes from 2019/20, remaining unpaid on the 1st of February.
There is also confusion as to whether missing submitting, and paying tax owing, by the January 31st deadline, could affect eligibility for the 4th payment of SEISS.
My best advice is to get your Self-assessment return completed before 31st January to avoid any additional costs. In order to help you, we've put together this Last Minute Tax Return Guide.
For more information on fines and charges for a late return, we have a useful Guide on Self-Assessment fines and charges.
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