Self-Assessment late filing penalties

As you know the deadline for filing your self-assessment tax return is due on 31 January 2021. With just a few days to go before the deadline, HMRC has announced that they will waive any late filing penalties if the tax return can be completed and submitted before 28 February 2021.

Jim Harra HMRC Chief Executive said this move will ‘give [taxpayers] the breathing space they need to complete and file their returns, without worrying about receiving a penalty’.

This extension has been granted because HMRC is aware that this has been a very challenging year for all businesses, and they know that businesses may need more time to get their tax return filed.

However, it is important to note that although the submission deadline has been extended the payment deadline has not changed. If you do not make your payment on 31 January 2021 then you will be charged interest on any outstanding liabilities from 1^st February onwards.

The current penalty fees being imposed are:

• A penalty of £100 if your tax return is up to 3 months late (this will apply after the 28 February extension which has been given).
• This fee increases if you file your return after 30 April
• Interest is charged on all late payments

If at all possible, it is better to try and get your submission in by 31 January if you can.

If for some reason you will have to make a late submission and you need help with this then please do contact us.

You can call 01623 490 120 or email This email address is being protected from spambots. You need JavaScript enabled to view it..