Almost 1.8M Taxpayers Miss 31 January Deadline

 

Over 10.7m people have submitted their 2019/20 returns by 31 January deadline.

However, Accountancy Daily reports that 1,790,368 taxpayers missed the deadline (14.74%). This is almost double the number who failed to do so last year (958,000) and well above 2019’s total of 730,000.

Individuals whose tax return is now late will not be charged a late filing penalty provided they submit their return online by 28 February, as one of the concessions HMRC has made in response to Covid-19 disruption.

However, those who did not pay their self assessment tax bill by 31 January are now incurring interest on the outstanding balance and should pay their bill as soon as possible.

HMRC says they should pay any outstanding balance, or arrange a payment plan, before 3 March  to avoid a 5% late payment penalty.

Those who are not yet able to file their tax return should pay an estimated amount as soon as possible, which will minimise any interest and late payment penalty.

Tax does have to be taxing.

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