HMRC Suspends Filing Penalties Until 28 February

HMRC has announced a last-minute change to filing tax returns. Thought to benefit up to 3 million individuals, they have extended the tax self-assessment deadline by a month ...

The extension now gives taxpayers until the 28th of February to get their tax return filed after the HMRC conceded that some people were struggling because of the pandemic, and need a little extra time to get paperwork in order.

"This extra breathing room will be welcome to more than 3 million people!"

Officially, the deadline for submitting a tax return is the 31st of January. Miss that date and a £100 late filing penalty is automatically issued. HMRC has said it recognises the pressure people are under realising that is has become clear many won't hit the January deadline on time.

This means that individual taxpayers who miss the normal deadline will not be issued a penalty, as long as they submit it before the 28th of February instead.

In my opinion, this is a very positive move by HMRC and will help many taxpayers who are struggling getting their tax returns filed. Don't forget though! Your tax is still payable by the 31st of January and interest will be charged if it's late.

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