HMRC has rejected calls from professional bodies to relax the self assessment tax return filing deadline.
The deadline for submitting your 2019/20 self assessment tax return is midnight on 31 January 2021.
The Institute of Chartered Accountants in England and Wales (ICAEW) stated that many of its members have been in contact in regard to the 31 January filing deadline. According to the ICAEW, some firms feel that with so much additional work this year helping their clients make coronavirus (COVID-19)-related claims for loans and grants, as well as experiencing COVID-related challenges from new working arrangements, the deadline should be relaxed.
The ICAEW recently met with HMRC to discuss whether it might be possible to put back the date from which late filing penalties would apply.
HMRC stated: ‘HMRC wants to encourage as many customers as possible to complete their returns by 31 January 2021, even if they can’t pay in full, because filing their return is key to crystallising their self assessment liability and being able to get our support, if they need it, to pay their tax.
‘But no-one will have to pay a penalty if they cannot file on time because of the impact of the COVID-19 pandemic.’