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Tax Returns Filing And Payment Deadline This Month
The 31 January 2021 tax returns filing deadline is not just the final date for submission of your Self-Assessment tax returns but also an important date for payment of tax due to HMRC.
This includes the payment of any balance of Self-Assessment liability for the 2019-20 plus the first payment on account due for the current 2020-21 tax year.
31 January 2021 is also the payment date for any CGT due on residential property sales made before the rules changed on 6 April 2020.
Please have a look at our personal tax services page.
If you missed the filing deadline then you will usually be charged a £100 fixed penalty if your return is up to 3 months late, regardless of whether you owed tax or not.
If you do not file and pay before 1 May 2021 then you will face further penalties unless you have made an arrangement with HMRC.
Self Assessment is a system HM Revenue and Customs (HMRC) uses to collect Income Tax. Tax is usually deducted automatically from wages, pensions and savings. People and businesses with other income must report it in a tax return.
Feel free to contact us to book an appointment if you are looking to know more about this news.
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