1.8m Taxpayers Miss The January Self Assessment Deadline

The 2019/20 self-assessment tax return was submitted by 10.7m people before the 31st of January 2021 deadline, compared with the 12.1m that HMRC was expected ...

But that means that 1,790,368 taxpayers missed the deadline, which equates to 14.74% of those registered for self-assessment. This is almost double the number who failed to file in time last year and over a million more than the year before.

Those who have not filed their tax return in time won't get a late-filing penalty provided they submit it before the 28th of February. This concession was made by HMRC in response to the pandemic!

However, despite the filing extension, those that did not pay their tax by the 31st of January 2021 wl be incurring interest on the outstanding balance and need to pay their bill as soon as possible.

"Either pay in full or arrange a payment plan before the 3rd of March to avoid a 5% late payment penalty!"

HMRC understands many individuals and small businesses are experiencing difficulties this year due to the pandemic. Payment plans can easily be set up by contacting HMRC. If you are due to make payments on account, you can also reduce the amount required to pay via the online reporting tool from HMRC.

If you feel inspired to find out more about anything I've said here, do call me on 01908 774320 or leave a comment below and I'll be in touch as soon as I can.