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The Truth About Late Self Assessment Tax Return Fines in 2021

If you missed the Self Assessment Tax Return Deadline in the UK you are probably wondering 'will I be fined for submitting my tax return late'?

With everyone talking about an extended deadline for tax returns in the UK and sharing different information about this, it can be hard to determine the facts! Nobody wants an unwanted fine, especially in these times! So we wanted to clear a few things up for our readers to ensure that you know the facts!

What would I usually be fined for a late tax return?

In general, if you were to miss the Self Assessment Tax Return deadline stated, you would incur an automatic fine of £100 and this increases the longer you leave it.

If I submit my tax return late (after the 31st Jan 2021) will I be fined?

HMRC announced that during these unprecedented time, when people are findings things difficult, they are wavering the mandatory £100 fine, so long as the return is still submitted online and done so before midnight on 28th February 2021

So has the date  to submit Self Assessments been changed?

No it remains the same, the better way to look at it is that you will not be fined for up to one additional calendar month for submitting your claim late. 

Should I still try to submit as soon as possible?

Yes, HMRC made it clear that meeting the 31st January deadline is best practice for those who can still do so, however the one month grace period means you do not need to stress if it is to be submitted a little late.

Do I need to seek permission for my Self Assessment to be submitted later than the deadline date of 31st January 2021?

No, there is no need to apply to HMRC to make the later submission of your Self Assessment. Simply go online as soon as you can and submit your 2019/2020 Self Assessment return before midnight 28th February 2021 to avoid being fined for late submission.

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The Truth About Late Self Assessment Tax Return Fines in 2021 The Truth About Late Self Assessment Tax Return Fines in 2021 Reviewed by Crystal Emmanuel on 03:15 Rating: 5

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