Today HMRC has announced that Self Assessment Tax Returns for 2019-20 will not receive a late filing penalty as long as the Return is filed online by 28 February. However, Interest will still be charged from 1 February on any outstanding liabilities. Therefore, we are encouraging our clients to still aim to file Returns and pay their tax liabilities by 31 January, if possible.
We are fast approaching the 31st January filing deadline.
HM Revenue and Customs (HMRC) must receive your tax return and any money you owe by the deadline.
You’ll get a penalty if HMRC send you a notice to send a Tax Return and you miss the deadline for submitting it or paying your bill.
If you cannot pay your Self Assessment tax bill
You can set up a payment plan to spread the cost of your latest Self Assessment bill if:
- you owe £30,000 or less
- you do not have any other payment plans or debts with HMRC
- your tax returns are up to date
- it’s less than 60 days after the payment deadline
You do not need to contact HMRC if you set up a payment plan online through your Government Gateway account. – This is the same account you would have used to claim the Self-Employment Income Support Scheme grant.
The Chancellor, Rishi Sunak has just announced that the Furlough scheme to be extended until the end of March 2021, with government paying up to 80% of wages until January at least. The Government will review whether employers should be asked to contribute more at this point.
Due to this extension of the Furlough scheme the £1,000 Job Retention Bonus will no longer be available in February. However, the Chancellor said they will consider an alternative at a later date.
Also, the Self-Employed Income Support scheme (SEISS) has been increased to 80% of average earnings for November, December and January. This grant will be available from 30 November.
We will up date this page once we have more detail.
The Job Support Scheme (JSS) replaces the Job Retention (Furlough) Scheme, which ends 31st October.
JSS will open on 1 November and run for six months, until 30 April 2021. The government has said it will review the terms of the scheme in January 2021.
In recognition of the challenging times ahead, the UK government announced yesterday it will significantly increase the generosity and reach of its winter support schemes to ensure livelihoods and jobs across the UK continue to be protected in the difficult months to come, supporting jobs and helping to contain the virus.