25-04-2024
Bluecube, an Ekco company, Acquires Legal IT Specialist CTS
Bluecube, a leading MSP based in Milton Keynes, has acquired the legal IT specialist CTS
Read MoreTax self-assessment deadline extended to 28th February
Tax self-assessment deadline extended to 28th February
Self Assessment customers who cannot file their tax return by the 31 January 2021 deadline will not receive a late filing penalty if they file online by 28 February.
Self Assessment customers will not receive a penalty for their late online tax return if they file by 28 February, HM Revenue and Customs’ (HMRCs’) Chief Executive Jim Harra has announced.
More than 8.9 million customers have already filed their tax return. HMRC is encouraging anyone who has not yet filed their tax return to do so by 31 January, if possible.
But anyone who cannot file their return by the 31 January deadline will not receive a late filing penalty if they file online by 28 February.
Taxpayers are still obliged to pay their bill by 31 January. Interest will be charged from 1 February on any outstanding liabilities. Customers can pay online, or via their bank, or by post before they file. More information on how to pay is at GOV.UK.
Taxpayers who cannot afford to pay their tax bill on time can apply online to spread their bill over up to 12 months. But they will need to file their 2019 to 2020 tax return before setting up a time to pay arrangement, so HMRC is encouraging everyone to do this as soon as possible.
Normally, late filing penalties are applied to all returns filed after the 31 January deadline. Those penalties are cancelled if the customer has a reasonable excuse for filing late.
However, this year HMRC is not issuing late filing penalties for a month to help taxpayers and agents who are unable to meet the deadline. Late filing penalties will not be issued for online tax returns received by 28 February.
HMRC has previously said that it was keeping the situation closely under review.
It has become increasingly clear from the filing rate that some taxpayers and agents cannot file on time, and the department has now determined that ensuring no customers will receive late filing penalties if they file online before the end of February is the best way to help them.
HMRC has increased support for customers who may need help with their tax liabilities. Once they have completed their 2019 to 2020 tax return, customers can set up an online payment plan to spread Self Assessment bills of up to £30,000 over up to 12 monthly instalments.
Customers can apply for self-serve Time to Pay via GOV.UK. Interest will be applied to any outstanding balance from 1 February 2021.
Customers who are required to make payments on account, and know their bill is going to be lower than the previous tax year, for example due to loss of earnings because of COVID-19, can reduce their payments on account. Visit GOV.UK to find out more about payments on account and how to reduce them.
Other News
25-04-2024
Ongo Recruitment mark another year of growth
Ongo Recruitment is thrilled to announce a successful 12 months of growth, achievement and community impact in the region.
Read MoreJoin our ever-growing membership base
Become a memberOur Patrons
