1.8 million taxpayers missed January deadline

 Penalties including 2.6% interest

A record 1.8 million taxpayers missed the January deadline.

It was confirmed that the figure was highest in the system’s history of 24 years.

To file their returns and face penalties including 2.6% interest on the money owed revealed by HMRC.

More than 10.7 million people submitted their 2019-20 self-assessment tax returns by the 31 January deadline, HM Revenue and Customs (HMRC) has revealed.

Under a special Covid-19 exemption the remaining 1.8 million whose tax return is now late will not be charged a late filing penalty, provided they submit their return online by 28 February.

But those who did not pay their self-assessment tax bill by 31 January are now incurring interest on the outstanding balance. HMRC cautioned they should pay their bill as soon as possible.

Taxpayers who do not pay any outstanding balance, or arrange a payment plan, before 3 March 2021 will be charged 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, HMRC advised. This will reduce any interest and late payment penalty.

If you or anyone you know is in this situation please call us now and we will sort it out.

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