Interactive Investor

HMRC to waive fines for late tax returns

25th January 2021 17:31

Myron Jobson from interactive investor

Failing to file a tax return by 31 January will not lead to a penalty if you file online by 28 February.

HMRC today announced that anyone who cannot file their self-assessment tax return by the 31 January deadline will not receive a late filing penalty if they file online by 28 February.

Commenting on the news, Myron Jobson, Personal Finance Campaigner, interactive investor, says: “Common sense appears to have prevailed here. The news will come as a reprieve to many Britons whose financial affairs have been caught [up] in the Covid storm.

“However, if you can, act as if a penalty still applies and get it done and dusted.

“Finally, if you want an easier job next year, remember to make the most out of your tax-free allowances so there’s less to fill in. And while it’s easy to resolve to be more organised next time, if you haven’t filed ahead of time in the past, you probably won’t next year either. So go easy on yourself – life is tough enough right now.”

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