You will NOT be fined if you file your self-assessment online by the 28th of February (a month later than the usual deadline of the 31st of January.)
Let's make it clear. HMRC still wants people to file on by 31/01/2021 but have also highlighted if anyone is late then they will not be penalised as long as they file by the 28th of February 2021. Apparently, you can file after the 28th of February deadline without penalty if the delay is due to a COVID19 related issue.
Let's make another thing clear: HMRC aren not confirming exactly what situations this applies to.
TAXO'D TOP TIP - Any outstanding tax bills will still need to be paid by 31st of January 2021.
You will need to complete a self-assessment if you are:
If you answer YES to any of the following then you will need to complete a tax return:
At this moment in time, it is crucial to register as soon as possible so that a reference number can arrive with you before the deadline. You can register by visiting the HMRC website. You will then receive a letter with your unique taxpayer reference, which you will need to file your tax return.
If you already have your UTR then you will just need to register for the online service.
Unfortunately no. The deadline for this was 31st of October 2020. Your only option now is to file online or make it https://www.taxod.com/
You can pay your tax bill by bank transfer, debit card or cheque. You can also pay at your bank or building society if you have a paying-in slip from HMRC. If however, you cannot pay your tax bill then contact HMRC on 0300 200 3822 (Monday to Friday, 8-4) as soon as possible, as you may be able to arrange to pay back the tax you owe over agreed monthly instalments via the HMRC 'Time to Pay' repayment plan.
If you owe less than £30,000 tax you will be able to apply for HMRC's 'Time to Pay' which is a repayment plan to spread your tax bill over 12 months in monthly, direct debit instalments.
To qualify for this service you need to have no outstanding tax returns, tax debts or other payment plans set up. To arrange, contact HMRC on 0300 200 3822 (Monday to Friday, 8-4).
TAXO'D TOP TIP - This is not a free service. You will be charged 2.6% interest from 1st of February 2021 until your bill has been repaid in full.
If you were unable to file because of the impact of Covid19 then this will be accepted as a reasonable excuse for not filing on time. HMRC have confirmed any penalties will be cancelled provided you file as soon as possible after that.
As previously mentioned above, HMRC have not released a statement on what exactly counts as a valid coronavirus-related reason. Just be aware - It is a £100 penalty if you fail to submit by the deadline and further penalties of £10 a day are applied after three months, up to a maximum of £900.
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