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.
Until next time ...
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Helen brings the personal tax planning experience of the top 20 tax companies to Essendon. Formerly of MacIntyre Hudson (with 45 offices nationwide), Helen worked at Chancery for more than 10 years before joining Essendon as the personal tax specialist.
Tax Planning can make a considerable difference to your tax liability. Helen has specialist knowledge and experience in tax planning and uses every opportunity to minimise your tax bill is utilised. By analysing your investments, income, profit and expenditures, Helen will provide strategic tax planning expertise that could offer significant savings, whilst delivering clear, honest advice and guidance.
When Helen is not at Essendon she spends time with her young son and likes going on long walks with the family dog.
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