Self Assessment fine waived for late filing

HMRC have announced that customers will not receive a penalty for filling their 2019/20 tax returns late, provided they do so online by 28 February 2021. However, customers still need to pay their Self Assessment tax bill by the 31 January, with interest being charged from the 1 February for any outstanding liabilities.  For those unable to pay their bill, they may be able to set up a pay monthly plan but will need to file their returns before a pay arrangement can be made.
 
As we live through extraordinary times with many people and businesses struggling financially, this announcement may go some way to helping those worried about meeting the impending deadline.
 
If you’re thinking about your tax bill and importantly how you might look at ways to reduce your income tax liabilities or minimise the tax you pay on your estate, why not get in touch. Or read our latest article on ways you can reduce the tax you pay using current legislation ‘Tax rises may be coming – are you prepared?’