HMRC concedes on penalties for late self-assessment
For weeks tax experts have been pressuring HMRC to scrap penalties for late filing of 2019/20 self-assessment tax returns. Until now HMRC has refused. Today it’s made a partial concession. What’s the full story?
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New HMRC guidance on winter fuel payments
HMRC has released new guidance on the recovery of winter fuel payments. What do you need to know?
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Festive tax breaks for remote workers
You’re familiar with the tax break for Christmas parties but you now have a few remote workers, and the company will need to reimburse their travel and accommodation costs if they attend an event. Which costs count towards the tax-free limit and how can you manage any overspend?
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New process for some exports starting in Northern Ireland
Starting next month, businesses that import goods via Northern Ireland will need to change their processes. What do you need to know?
The pressure has been mounting on HMRC and the government to give a general amnesty for taxpayers who submit their 2019/20 self-assessment tax return online later than the usual filing deadline of 31 January 2021. HMRC hasn’t gone that far but has agreed that anyone who can’t file their return by the deadline won’t receive a late filing penalty if they file online by 28 February.
In its statement, HMRC hasn’t mentioned the penalties charged for those who were late submitting their 2019/20 paper self-assessment tax return which was due by 31 October. We’ll have to wait to see if it decides to retrospectively cancel some or all of them.
The announcement doesn’t change any statutory right to have a late filing penalty canceled if the taxpayer have a reasonable excuse for submitting their tax return after the deadline. This means if anyone can’t file your return by 28 February they still have the right to appeal against the £100 penalty that HMRC will automatically issue.
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