Self Assessment Update

Self Assessment Update

HMRC has today announced that Self Assessment customers will not receive a penalty for filing their 2019-20 tax return late, as long as they file online by 28‌‌ ‌February.

Tax payers will still need to pay their Self Assessment tax bill by 31‌‌ ‌January otherwise interest will be charged from 1‌‌ ‌February on any outstanding liabilities.

HMRC previously announced an increased support for customers who may need help with their tax liabilities. Once they have completed their 2019 to 2020 tax return, customers can set up an online payment plan to spread Self Assessment bills of up to £30,000 over up to 12 monthly instalments.

It is possible to agree monthly instalments with HMRC but tax payers will need to file their 2019-20 tax return before setting up a time to pay arrangement.

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Self Assessment Update