According to HMRC, more than 10.7 million people submitted their 2019/20 Self Assessment tax returns by the 31 January deadline. The remaining 1.8 million whose tax return is now late will not be charged a late filing penalty provided they submit their return online by 28 February.
Those who did not pay their Self Assessment tax bill by 31 January are now incurring interest on the outstanding balance and should pay their bill as soon as possible.
Customers should pay any outstanding balance, or arrange a payment plan, before 3 March 2021 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. Self-employed people can use the calculator on GOV.UK to estimate their tax bill.
