HMRC has effective extended the tax filing deadline for 2020/21 to 28 February, and the payment deadline to 1 April.
Background
Generally the self-assessment filing deadline is 31 January after the end of the tax year (this is also the payment deadline, though in practice there are no late payment penalties so long as you pay within 30 days).
As a result of COVID pressures, HMRC have said that there will be no penalties if you file your 2020/21 tax return by 28 February, and pay your tax by 1 April.
There may be a small amount of interest - at about 7.5p a day per £1,000 due from 31 January.
This is an effective deadline extension for 12 million who need to do a tax return. We estimate that 3 million people will take advantage.
Avoid penalties
If you miss the 28 February cut-off, you'll get a £100 penalty, which increases the longer you leave it. Three quarters of a million people get this penalty - which is why untied is here to get your taxes filed quickly and easily.
If your tax doesn't get paid by 1 April, then there's a charge of 5% of the tax due. Again the penalties increase over time.
Tax year 2020/21
The 2020/21 tax year ran from 6 April 2020 to 5 April 2021.
You would generally need to file a tax return if in this tax year you made at least £1,000 from self-employment or renting out property, are making £100,000 in employment income (£50,000 if you get child benefit) or have otherwise been told to do so by HMRC.
Payments
HMRC tell you what to pay after your submit your tax return.
Don't click here
Top reasons why people miss the deadline.
