HMRC have said, that if you cannot submit your return on time because of a reasonable excuse related to coronavirus, they may waive the late penalties. They will only do this if the return is made as soon as possible after the reasonable excuse has passed.
At this point we are not sure how forgiving HMRC will be, but we know that submitting your tax return will make it easier to arrange a payment plan for your tax with HMRC.
If you are required to submit a tax return for the 2019/20 tax year, it is due to HMRC by 31 January 2021. The penalty for missing this deadline is £100 if your tax return is up to 3 months late. You’ll have to pay more if it’s later, or if you pay your tax bill late. You’ll also be charged interest on late payments.
For more information on penalties, please see the government guidance.
There’s still time to submit your return before the deadline and our team are ready to help you. Contact us, if you need help with your self-assessment return.