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.
Tax Investigation Insurance
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Tax Investigation Insurance is an insurance policy that will fully reimburse your accountants (your tax return agent) fees up to £100,000 if you are subject to enquiry by or dispute with HMRC.
A Solar Protect policy will enable your Accountant (your tax return agent) to:
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- Attend any meeting with HMRC
- Appeal to the First-tier Tribunal or Upper Tribunal
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