HMRC waive fines for late self assessment returns

Businesses filing their Self Assessment Tax Return will not receive a penalty for their late online tax return if they file by 28 February, HM Revenue and Customs’ Chief Executive Jim Harra has announced this evening.

Anyone who cannot file their return by the 31 January deadline will not receive a late filing penalty if they file online by 28 February, but interest will still be charged from 1 February on any outstanding liabilities.

HMRC’s Chief Executive, Jim Harra, said: “We want to encourage as many people as possible to file their return on time, so we can calculate their tax bill and help them if they can’t pay it straight away.

But we recognise the immense pressure that many people are facing in these unprecedented times and it has become increasingly clear that some people will not be able to file their return by 31 January.

Not charging late filing penalties for late online tax returns submitted in February will give them the breathing space they need to complete and file their returns, without worrying about receiving a penalty. We can reasonably assume most of these people will have a valid reason for filing late, caused by the pandemic.”

If you are concerned you are going to struggle to file your tax return by 31st January, please contact us now.