HMRC have relaxed the filing penalty for the filing of tax returns due by the 31 January 2021.
With just a few days to go, HMRC have agreed not to penalise customers for late tax returns if they file by 28 February 2021. However, individuals are still being encouraged to file by 31 January if they can.
The waiving of the initial £100 penalty (for submitting a late return) is welcome news for agents and no doubt a relief for taxpayers who would struggle to meet the deadline this year due to the impact of Covid-19.
This is one last extension and it is important to take professional advice if you are struggling to fact the task of looking at the forms.
“the sting in the tail” is that taxpayers must still pay their bill by 31 January. Interest will be charged from 1 February on any outstanding liabilities...