Less than a week before Self Assessment tax filing deadline
HM Revenue and Customs (HMRC) has urged Self Assessment taxpayers to submit their late tax returns before the end of February to prevent a £100 late filing penalty.
Taxpayers have until 28 February to file their return and prevent a late filing penalty of £100, while those who owe tax have until midnight on 1 April to pay any outstanding tax or set up a payment plan to prevent a 5 per cent late payment penalty, HMRC said.
The announcement comes as HMRC has said it has delayed late filing and late payment penalties this year for Self Assessment taxpayers to help anyone who may be struggling because of the coronavirus pandemic.
HMRC noted that while 10.7 million taxpayers filed their return by 31 January, more than 1.5 million taxpayers missed this deadline and are still to file their tax return.
As a result, those taxpayers are accruing interest on any unpaid tax liabilities but still have time to file and pay without incurring penalty charges, HMRC said.
“Self Assessment taxpayers have until 28 February to file their tax returns and prevent being charged a £100 late filing penalty,” said HMRC chief executive Jim Harra.
“Tax returns submitted during February have missed the 31 January Self Assessment deadline and are late. I’m urging anyone who is still to complete their return to not put if off any longer risking penalties and further interest on their outstanding liabilities.
“Support is available on GOV.UK for anyone worried about how to complete their tax return or how to pay their tax bill.”