Updated
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| UPDATED: 08:04, Wed, Jan 27, 2021
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Self-assessment is undertaken by people who own a business or have a side income in the UK, and requires them to fill out tax returns. Most people have their taxes deducted automatically from wages, pensions and savings, and HMRC will evaluate and send over a bill for anything leftover. The upcoming self-assessment deadline applies to the previous financial year, which runs from April 6, 2019, to April 5, 2020.
Date Time
No Self Assessment late filing penalty for those who file online by 28 February
Self Assessment customers will not receive a penalty for their late online tax return if they file by 28 February, HM Revenue and Customs’ (HMRCs’) Chief Executive Jim Harra has announced.
More than 8.9 million customers have already filed their tax return. HMRC is encouraging anyone who has not yet filed their tax return to do so by 31 January, if possible.
But anyone who cannot file their return by the 31 January deadline will not receive a late filing penalty if they file online by 28 February.
Taxpayers are still obliged to pay their bill by 31 January. Interest will be charged from 1 February on any outstanding liabilities. Customers can pay online, or via their bank, or by post before they file.
HMRC confirms no self-assessment late filing penalty for those who file online by February deadline We recognise the immense pressure that many people are facing in these unprecedented times
Taxpayers are still obliged to pay their bill by January 31 (Image: Getty Images)
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Self-assessment taxpayers have been given an extra month to file their online tax return as HMRC said it recognised the “immense pressure” facing businesses.
HM Revenue and Customs said anyone who could file by the usual January 31 deadline should do so - but anyone who can’t will not be hit with a late filing penalty if they do file online by February 28.
However, taxpayers still have to pay their bill by Sunday, with interest charged from February 1 on any outstanding liabilities.
Taxpayers who cannot afford to pay their tax bill on time can apply online to spread their bill over up to 12 months - although they have to file their tax return before such an arrangement can be made.