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27th January 2021No self-assessment late filing penalty for those who file online by 28 February

HMRC has this week announced there will be no late filing penalty for those who file their self-assessment tax returns online by 28 February, removing the vagueness indicated before.

Jamie Morrison, our head of private client says: “This announcement from HMRC is good news to those still rushing to fill out their self-assessment forms. The clarification today means everyone now has until 28th February as HMRC rightly want to enable as many as people as possible to fill out their tax returns without worrying about receiving a fine.

“However this is likely to be the last chance before you will incur a substantial penalty, bearing in mind, people have already had since April to file their tax returns. There will be no excuse post-February. Remember, it’s not just the self-employed who have to complete their self-assessment tax returns, so it is worth double checking if you’re unsure. You are required to submit a tax return if you have self-employed earnings or have received untaxed income over £1,000. You will also have to file if you have generated income from renting out a property, including through Airbnb.”

Confused about whether you need to file?

Self-employment continues to rise. However, it’s not just the self-employed who have to complete their self-assessment tax returns, so it is worth double checking if you’re unsure.

You must submit a tax return if you have self-employed earnings or have received untaxed income over £1,000. You will also have to file if you have generated income from renting out a property, including through Airbnb.

How to avoid these common mistakes

  1. Allow plenty of time – gathering paperwork takes longer than you think! This includes your P60 which will confirm the total tax you have paid on your income. You will also need a record of benefits and expenses which can be found on your P11D or P9D forms. If you have left a job in the last tax year, you will also need a P45 from your previous employer.
  2. The deadline is a Sunday and HMRC helplines are closed at the weekend – allow time to speak to an adviser if you need, the deadline is a weekend this year which can make it harder
  3. You can claim tax relief on pension contributions: Make sure you keep details of any pension contributions made to allow you to claim the right tax relief for them.
  4. Make sure you include gift aid payments: you will also need details of all your gift aid payments – e.g, have you sponsored a friend to run for charity? This can be included as HMRC provides some tax relief on charitable giving.
  5. Remember your personal savings allowance: don’t forget that this can be applied to interest earned on your savings. You could receive up to £5,000 in interest on savings tax-free.

Contact us for help filing your self-assessment tax return.

Key contacts

Jamie Morrison HW Fisher

Jamie Morrison
Partner - Head of Tax

020 7874 7983
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