Fines loom for late self-assessment tax returns

Many self-employed estate agents were pleased to learn that the normal 31 January deadline was once again extended this year until 28 February, and yet a number of taxpayers have still not paid their tax and now run the risk of a £100 fine if they failed to submit their self-assessment on time.

Interest is already building up on any unpaid tax, and anyone who fails to complete their return by the close of play today, without a reasonable excuse, will receive a late filing penalty.

More than 12 million people, including the self-employed and those with more than one source of income, are required to complete self-assessment forms. The vast majority do so online.

The deadline was 31 January for online returns and there is an earlier deadline of 31 October for returns on paper. But for the second consecutive year, the normal £100 fine for filing late online was waived by HMRC until the end of February, given some people have been delayed by Covid.

“The extended deadline ensures that taxpayers avoid needless penalties and gives them extra time needed to gather missing data, which may have been difficult to gather during the pandemic,” said Robert Salter, a tax services director at Blick Rothenberg.

 

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