Longer to file and longer to pay your personal tax

Normally self-assessment tax returns need to be submitted by 31 January, otherwise there is an automatic £100 late filing penalty. Don’t panic however, as part of the ongoing Coronavirus support initiatives, HMRC have recently announced that provided 2020/21 tax returns are received by the end of February, the late filing penalty will not be applied. Filing late will, however, extend the period during which HMRC may open an enquiry into your return.

Also, if you’re struggling to pay your personal tax, you can also take longer to pay. Your 2020/21 income tax, CGT, class 2 and 4 NIC liabilities are normally due by 31 January 2022. However, HMRC have also announced that provided the tax is paid by 1 April 2022, there will be no penalty, although please be mindful that interest accrues from 1 February 2022 at 2.75%.