Changes to late filing penalty for 2019-20 Self Assessment returns
Today, HMRC announced that anyone required to complete a Self Assessment for 2019-20 will not receive a penalty for filing their tax return late, as long as they file their tax return online by 28 February.
However, we are still advising our clients who have not yet filed their tax return to do so by 31 January, if possible.
Please be aware that you will still need to pay your Self Assessment tax bill by 31 January, as interest will be charged from 1 February on any outstanding liabilities. You can pay online, or through your bank, or by post before you file.
If you do not have sufficient funds to pay your self assessment tax bill by 31 January, HMRC may be able to set up an affordable payment plan allowing you to pay any tax owed in monthly instalments. However, you will need to file your 2019-20 tax return before setting up a payment plan.
Please speak to one of our tax specialists on 01223 810100 if you need any help filing your tax return.