Update - Good news, the HMRC have issued an update read the full details here.
Many in the accountancy industry have been lobbying for the HMRC to extend the self-assessment tax deadline beyond the 31st of January. They have recently confirmed that they are not intending to extend the deadline but there are still options for those struggling to complete their self-assessment tax return on time.
HMRC have confirmed that they will accept pandemic-related disruption caused to the taxpayer’s business or their personal circumstances as a reasonable excuse. They have also extended the period for a late filing penalty will be extended from one to three months to give taxpayers and agents more time.
You also have the option, if the 31st January tax payment is no more than £30,000, to enter into a Time to Pay arrangement to spread the debt over 12 months.
If you are struggling to complete your tax return, we can help. We're a West Bridgford based accountancy firm who help clients across Nottingham and the rest of the UK. If you still haven't completed your self-assessment tax return or need other support get in touch.
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