Tax Return Deadline
The deadline for online tax returns in the United Kingdom, for the tax year starting the 6th of April 2019 and ending the 5th of April 2020, is the 31st of January 2021, at midnight. If you fail to submit your tax return, then you may be liable to pay pricey penalty fees.
You should have already registered for Self Assessment back in October, so hopefully, you will have done your best to have turned in your returns form on time. However, sometimes things can fall off the radar, and mistakes happen.
HMRC are quite ruthless when it comes to these situations, and they do not accept lack of diligence as an excuse. If late fees can be applied, then they will be, because, for them, it’s extra money in the bank.
HOWEVER, this year due to coronavirus, you can submit your online tax returns from any time up to the 28th of February without getting a late filing penalty. We would not recommend that you take advantage of this, however, and suggest that you get your returns in, in a timely fashion.
Late payments do accrue interest if you don’t pay them on time. They also increase if you file the tax return after the 30th of April.
Seek Assistance From An Accountant
We can assist you with navigating HMRC’s tax rules. Our expertise is in tracking them, and getting to grips with their semi-regular changes. We also perform advocacy for our clients, in difficult situations, and are experienced at providing help communicating with HMRC.
It’s already a stressful time. An accountant’s fee is tax-deductible and it will save you time, and headaches, letting a professional do the proverbial heavy lifting. We’ll crunch the numbers, leaving you more time and space to focus on your business.