In an effort to provide some relief to businesses and individuals after financial Covid-19 pressures, HMRC have extended the self-assessment tax return deadline by a month.
The postponement mimics that of last year where the HMRC waivered late-filing fees for those who had not submitted their self-assessment tax return deadline by the 31st of January. In regular circumstances, if an assessment is not reported on or before the 31st of January, a £100 late filing fee is imposed.
Businesses and individuals are still expected to submit their assessments by the official deadline, however, the HMRC have recognised the immense pressure as a result of the pandemic and have decided to waive any late submission fees for the taxpayers and accountants who may be struggling due to these pressures.
The government has also noted that if assessments aren’t submitted by the 31st of January, interest is still payable on any taxes due for the previous year from 1st of February, and highlighted that it is therefore still important to ensure submissions are made on time if possible.
Completing a self-assessment tax return can be a time-consuming and stressful endeavour, especially if it’s your first time. At Aston Shaw, our tax advisors are equipped with years of knowledge and experience in filing fully compliant self-assessment tax returns, all in a timely manner. If you feel you require the help of one of our specialists or wish to seek some guidance, please do not hesitate to contact us today for a free, no-obligation consultation.