Nearly one million taxpayers have been fined after failing to submit their tax return on or before the 28 February Self Assessment deadline, it has been revealed.<\/p>\n
<\/p>\n
The report comes after the automatic \u00a3100 late submission penalty was waived for one month in response to the coronavirus pandemic.<\/p>\n
According to HM Revenue & Customs (HMRC), 12.2 million taxpayers were expected to file a return for the 2020 to 2021 tax year.<\/p>\n
But just 11.3 million tax returns were submitted by 28 February, meaning approximately 900,000 have been handed a penalty.<\/p>\n
Those yet to pay, meanwhile, have until 01 April to pay their outstanding tax bill or set up a Time to Pay arrangement to avoid receiving a late payment penalty. Late payment interest, however, will continue to accrue as usual from 01 February \u2013 incentivising taxpayers to pay as soon as possible.<\/p>\n
Commenting on the figures, Myrtle Lloyd,\u00a0HMRC\u2019s Director General for Customer Services, said: \u201cWe understand some customers might be worrying about paying their Self Assessment bill this year, and we want to support them.\u201d<\/p>\n
Lucy Frazer, Financial Secretary to the Treasury, added: \u201cToday\u2019s stats show how vital the extra month was in supporting the cash flows of more than a million self-employed people and businesses across the UK, helping to ensure their survival as we recover from the pandemic.\u201d<\/p>\n
Do I need to submit a tax return?<\/strong><\/p>\n You must send a tax return if you were self-employed and earned more than \u00a31,000 or were a partner in a business partnership in the last tax year (06 April 2020 to 05 April 2021).<\/p>\n If you have any other untaxed income, such as certain Covid-19 grants or support payments, money from renting out a property, tips and commission, income from savings, investments and dividends, or foreign income, you may also need to send a tax return.<\/p>\n For help and advice with related matters, please get in touch with our team today.<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":" Nearly one million taxpayers have been fined after failing to submit their tax return on or before the 28 February Self Assessment deadline, it has been revealed.<\/p>\n","protected":false},"author":2,"featured_media":4589,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[24,30,31,60,7,27],"tags":[],"_links":{"self":[{"href":"https:\/\/www.bainesjewitt.co.uk\/blog\/wp-json\/wp\/v2\/posts\/4587"}],"collection":[{"href":"https:\/\/www.bainesjewitt.co.uk\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.bainesjewitt.co.uk\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.bainesjewitt.co.uk\/blog\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.bainesjewitt.co.uk\/blog\/wp-json\/wp\/v2\/comments?post=4587"}],"version-history":[{"count":1,"href":"https:\/\/www.bainesjewitt.co.uk\/blog\/wp-json\/wp\/v2\/posts\/4587\/revisions"}],"predecessor-version":[{"id":4588,"href":"https:\/\/www.bainesjewitt.co.uk\/blog\/wp-json\/wp\/v2\/posts\/4587\/revisions\/4588"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.bainesjewitt.co.uk\/blog\/wp-json\/wp\/v2\/media\/4589"}],"wp:attachment":[{"href":"https:\/\/www.bainesjewitt.co.uk\/blog\/wp-json\/wp\/v2\/media?parent=4587"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.bainesjewitt.co.uk\/blog\/wp-json\/wp\/v2\/categories?post=4587"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.bainesjewitt.co.uk\/blog\/wp-json\/wp\/v2\/tags?post=4587"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}