Delaying Your Tax Return

With the Self-Assessment Tax Return deadline remaining at 31st January 2021, over one million people planning to delay filing their tax returns will face having to pay fines and interest for late submission and payment.

Stress due to the current pandemic is causing many people who file self-assessment tax returns to delay beyond the deadline. However, this will trigger an automatic £100 fine from HMRC. Further interest penalties are added for delays in paying – 5% of the total tax due after 30 days delay, then again after six months and 12 months. With many also deferring their July 2020 payment on account, this could make the January 2021 payments harder to manage.

Folkes Worton can help, taking the pressure off you to complete your return and we can usually save you more money on your tax bill than we charge.

Call us on 01384 376964 to find out how to make the tax deadline stress free!

Folkes Worton – Accounting for the Future