HMRC has announced today that there will be no penalties for filing the 2019-20 Self Assessment Tax Return late, so long as they are filed online by 28‌‌ ‌February.

 

You will still need to pay your Self Assessment tax bill by 31‌‌ ‌January 2021; if you fail to do so then

  1. Interest will be charged from 1‌‌ ‌February on any outstanding liabilities, and
  2. Other late payment penalties will continue to apply for payments made after 28th February 2021.

 

We are encouraging clients who have not yet filed to do so by 31‌‌ ‌January 2021, if possible, especially if you

  1. Hold an insurance policy that requires filing by 31st January of each year;
  2. You wish to take advantage of the online Time to Pay arrangements that HMRC have made which require you to file your 2019-20 tax return before you can organise setting up a time to pay arrangement.

Barrons has put together a helpful guide to running your business during the coronavirus crisis.