Interactive Investor

HMRC to waive fines for late tax returns

25th January 2021 17:31

Myron Jobson from interactive investor

Loading

Share on

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.”

These articles are provided for information purposes only.  Occasionally, an opinion about whether to buy or sell a specific investment may be provided by third parties.  The content is not intended to be a personal recommendation to buy or sell any financial instrument or product, or to adopt any investment strategy as it is not provided based on an assessment of your investing knowledge and experience, your financial situation or your investment objectives. The value of your investments, and the income derived from them, may go down as well as up. You may not get back all the money that you invest. The investments referred to in this article may not be suitable for all investors, and if in doubt, an investor should seek advice from a qualified investment adviser.

Full performance can be found on the company or index summary page on the interactive investor website. Simply click on the company's or index name highlighted in the article.

Related Categories

Get more news and expert articles direct to your inbox

Sign up for a free research account to get the latest news and discussion, and create your own virtual portfolio.

Free Sign Up