Time is flying by and we’re almost at the point where self-assessment tax returns need submitting. The deadline for 2019/20 tax to be submitted to HMRC is 31st January 2021, otherwise a fine will be added to your account.
A recent survey suggests that over a million self-employed people plan to delay their payments, which will mean that every single one of them will receive a fine. The automatic late payment fee is £100 if the tax return is late by up to three months, which increases by £10 a day if you leave it even longer. Interest is also charged on late payments, resulting in a hefty penalty that can easily be avoided.
Remember that you still have to submit a self-assessment tax return even if you don’t owe any tax for this year, which is where many people are caught out.
Don’t risk a fine! For tax support, call our Yorkshire office on 01482 235575, our London office on 0207 885 0605, or fill in our contact form.
