Missed the self assessment tax deadline? Don’t panic!

Posted on by Alexandra Taylor

A photograph of the HMRC's websiteIf you submit self assessment tax returns, but missed the 31 January deadline, here’s what you need to do.

HMRC has introduced a one month ‘grace period’, which means there will be no late filing penalties, as long as you file your return by Monday 28 February. There will also be no late payment penalties, as long as any tax owed is paid in full, or a payment plan set up, by Friday 1 April. 

Myrtle Lloyd, HMRC’s Director General for Customer Services, said: “We know some customers may struggle to meet the Self Assessment deadline on 31 January which is why we have waived penalties for one month, giving them extra time to meet their obligations.”

However, interest will still accrue at 2.75 per cent on outstanding balances, and after the extended deadlines the usual penalties will apply, so it’s still better to pay as soon as possible.

If you are worried about filing your return or paying what’s owed, there is support available.

Completing your tax return:

  • There are also customer forums, where you can discuss a range of tax-related topics.
  • HMRC has also published a number of videos to explain various aspects of the form and process.

Don’t forget that (as we reported in January) Covid support payments count as taxable income and need to be included, but the £500 one-off payment for working households receiving tax credits is tax-free and doesn’t need to be declared.

Paying your tax bill:

  • You don’t have to pay the whole amount in one go. Visit the ‘Pay your Self Assessment tax bill’ page to see the options available and set up a payment plan. Self Assessment taxpayers with up to £30,000 of tax debt can do this online once they have filed their return.
  • If you owe more than £30,000, or need longer to pay, you should call the Self Assessment Payment Helpline on 0300 200 3822.

The most important thing is that, if you are struggling to submit your return or pay your bill, there is help available. The earlier you ask for support, the more options you have.