The clock is ticking... This is your last chance to file your 2020/2021 tax return!

The deadline for Self Assessment taxpayers is around the corner! Due to the impacts of COVID-19, submissions can still be filled after the normal period. Learn everything you need to know about your Self Assessment below! 

When is the Self Assessment deadline? 

The Self Assessment deadline is usually January 31. However, HMRC extended the deadline by one month, due to the inability of some taxpayers to meet their obligations, so the new deadline is February 28.

This way, taxpayers will have more time to file their returns online, without worrying about receiving a penalty.

To sum up, anyone who can’t pay their Self Assessment tax by January 31 will not receive a late payment penalty if they pay their tax in full or if they set up a Time to Pay arrangement by April 1. 

Taxpayers should note that interest will be payable from February 1, so it is better to pay on time if possible. 

What does Self Assessment cover? 

The 2020/21 tax return covers: 

• Self-Employment Income Support Scheme 
• Covid Job Retention Scheme 
• Other Covid grants as self-isolation payments, local authority grants and Eat Out to Help Out scheme 

Note that the £500 one-off payment for working households receiving tax credits is not to be reported in Self Assessment. 

Who has to complete a Self Assessment tax return? 

• Anyone self-employed - it doesn’t matter if you make a profit or a loss; 
• Anyone who has income or gains arising outside the UK. 

You are exempt to complete a Self Assessment tax return if your trading income is under the trading allowance. 

How much is the HMRC penalty for late payment?

Penalties are designed to encourage compliance with the system, so they have an actual cost for the taxpayer.

Late payment penalties for income tax are as follows:

How can we help you? 

We know that taxes may seem intimidating. But don’t worry, we’ve got you covered. For a stress-free experience, we submit your Self Assessment with HMRC for you! 

And yes, Tommy’s Tax accountants will ask you questions about your situation to ensure that you get the maximum refund possible! 

Avoid HMRC’s late filing penalty

and fill your Self Assessment with Tommy's Tax today: