Late-Filing Penalties for 2019/20 – UPDATE
In the latest of a series of concessions made in light of COVID-19, HMRC has announced that taxpayers will not be issued with a late-filing penalty if they fail to submit their 2019/20 tax return by the 31 January deadline – provided that it is submitted by 28 February 2021.
Whilst taxpayers who can submit their tax return by 31 January are encouraged to do so, the £100 automatic late filing penalty will not apply if the return is filed by the new deadline.
It is important to note that taxpayers are still required to pay their tax bill by 31 January 2021, therefore interest will be charged from 1 February on any outstanding liabilities.
Taxpayers who are unable to pay their tax bill on time can apply to spread the bill over a number of months via a Time to Pay arrangement.