Good news. HMRC have just announced that they will not be issuing fines for late filing of 2019/20 self assessment income tax returns for until after 28th February 2021.
Less good is that HMRC have also said that they still would like to get paid on time and will charge interest from 1 February 2021 for unpaid tax with respect to 2019/20 tax returns. However, with an interest rate of 2.75% per annum, that’s not too bitter a pill to swallow.
At Moorgate we require all clients who want us to file their 2019/20 tax return to have all of their data with us by noon on Monday 15th February, at the absolute latest. After that we will file tax returns on a best efforts basis and will not be responsible for client’s late filing penalties.