HMRC is waiving late filing and late payment penalties for Self Assessment taxpayers for one month – giving them extra time, if they need it, to complete their 2020 to 2021 tax return and pay any tax due.
This is not an extension on the deadline - they are still due by 31st January - but returns filed in February won’t get a penalty.
You are strongly encouraged to submit your return on time but the penalty waivers will mean that:
anyone who cannot file their return by the 31 January deadline will not receive a late filing penalty if they file online by 28 February
anyone who cannot pay their Self Assessment tax by the 31 January deadline will not receive a late payment penalty if they pay their tax in full, or set up a Time to Pay arrangement, by 1 April
Interest will be payable from 1 February, as usual, so it is still better to pay on time if possible.
Please let us know if you require our help regarding this matter.