Tax returns filing deadline at the end of this month

Tax returns filing deadline at the end of this month

The 31 January 2021 tax return filing deadline is not just the final date for submission of your Self-Assessment tax return but also an important date for payment of tax due to HMRC. This includes the payment of any balance of Self-Assessment liability for the 2019-20 plus the first payment on account due for the current 2020-21 tax year. The 31 January 2021 is also the payment date for any CGT due on residential property sales made before the rules changed on 6 April 2020.

If you missed the filing deadline then you will usually be charged a £100 fixed penalty if your return is up to 3 months late, regardless of whether you owed tax or not. If you do not file and pay before 1 May 2021 then you will face further penalties unless you have made an arrangement with HMRC.

Source: HM Revenue & Customs Wed, 06 Jan 2021 00:00:00 +0100

Like this article?

Share on Facebook
Share on Twitter
Share on Linkdin
Share on Email
Archives