Wednesday, January 27, 2021

Penalties for late returns

At the last minute it has been decided that HMRC will not impose penalties on late submission of self-assessment returns until 28 February. Taxpayers therefore have been given an extra month to complete and submit their returns and pay any outstanding tax. This will come as good news to some, hopefully not very many, of our clients. Interest will still accrue on any payments after the normal due date of 31 January.