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January 2021

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SELF-ASSESSMENT - 25.01.2021

Self-assessment late filing penalties cancelled

HMRC has today announced that self-assessment taxpayers will not receive a late filing penalty. What does this mean?

The initial late filing penalty of £100 will not be charged, as long as the tax return is filed online by 28 February 2021.

Taxpayers still need to pay their self-assessment tax bill by 31 January 2021 to avoid being charged late payment interest. Interest will be charged from 1 February on any outstanding liabilities at a rate of 2.6% per annum.