Self-assessment tax return penalty update

On 25 January HMRC gave the good news that if you missed the 31st of January deadline to submit your self-assessment tax return, you won't get a late filing penalty as long as you submit your online return by 28 February.

Your tax bill still needs to be paid and they will charge interest on any amounts owed, calculated from the 1st of February if your payment is late.

Under the time to pay scheme, are able to pay your self-assessment tax bill in 12 monthly instalments if under £30,000. However, if you enter the arrangement after the 2^nd March 2021 you will also have to factor in the 5% penalty, plus interest.

We strongly recommend entering an agreement with HMRC by the 2nd of March. Get in touch if you would like us to help with your self-assessment tax return. We're based in West Bridgford, Nottingham and help clients with their accounting needs right across the UK.