More than 10.7m tax returns were submitted by the 31 January deadline, according to HMRC, with an estimated 1.8m returns thought to remain outstanding. HMRC urges taxpayers to submit their returns before 28 February to avoid a late-filing penalty, and to pay any outstanding balance or arrange a payment plan before 3 March to avoid a 5% late-payment penalty.
‘Those who are not yet able to file their tax return should pay an estimated amount as soon as possible, which will minimise any interest and late payment penalty’, says HMRC. Self-employed individuals can use HMRC’s self-assessment ready reckoner tool to help estimate their tax bill.
Commenting on the 1.8m who have still to file, Kevin Sefton, CEO of personal tax app Untied, said: ‘This is nearly twice the amount that we saw this time last year and the final figure could be even higher as this is just an estimate based on returns received by early January and previous behaviour and does not take into account the unusual filing patterns this year.’
Sefton also urges the UK government to take heed of calls to use 2019/20 tax returns ‘to help those who became self-employed after April 2019 and who remain excluded from the Self-Employment Income Support Scheme’.
More than 10.7m tax returns were submitted by the 31 January deadline, according to HMRC, with an estimated 1.8m returns thought to remain outstanding. HMRC urges taxpayers to submit their returns before 28 February to avoid a late-filing penalty, and to pay any outstanding balance or arrange a payment plan before 3 March to avoid a 5% late-payment penalty.
‘Those who are not yet able to file their tax return should pay an estimated amount as soon as possible, which will minimise any interest and late payment penalty’, says HMRC. Self-employed individuals can use HMRC’s self-assessment ready reckoner tool to help estimate their tax bill.
Commenting on the 1.8m who have still to file, Kevin Sefton, CEO of personal tax app Untied, said: ‘This is nearly twice the amount that we saw this time last year and the final figure could be even higher as this is just an estimate based on returns received by early January and previous behaviour and does not take into account the unusual filing patterns this year.’
Sefton also urges the UK government to take heed of calls to use 2019/20 tax returns ‘to help those who became self-employed after April 2019 and who remain excluded from the Self-Employment Income Support Scheme’.
