1.8 million miss 31st January filing deadline

News, Personal Tax,

We covered HMRC’s decision to defer late payment penalties for Self Assessment Tax Returns that were submitted between the 31st January and 28th February in this post. Whether as a direct result or not, the number of taxpayers who failed to hit the original deadline has nearly doubled this year over last.

Almost 15% of those who were due to file a return missed the deadline, a total number of 1,790,368 people. Last year 958,000 missed the deadline, while in 2019 this figure was lower still, at ‘just’ 730,000.

These people will now not face a late filing penalty until the 28th February. They will though be incurring interest on any unpaid tax that was also due on the 31st January. This is currently being calculated at 2.6%. They will also incur a penalty of 5% of the tax amount due if the amount remains unpaid at the 3rd March. Payment of an estimated amount will reduce the amount of interest accruing.

It’s likely that many of the people who failed to submit by the 31st January due date are affected by the pandemic, and may well be avoiding the fact that they have tax to pay, but not the required cash to do so.

How to apply for a Payment Arrangement

Our advice would be to apply for a payment arrangement for the amount, rather than ignoring the situation. HMRC will not go away, but the worry around the tax due can be greatly reduced!

You can either make an application for a payment arrangement online, or you can contact HMRC’s self assessment payment helpline on 0300 200 3822 to discuss a payment plan with a real, live person! This line is open from 8am to 6pm, Monday to Friday.

You will need to have the following details when you call:

  • Your UTR number or NI number (shown on the top of your Tax Return or any other correspondence from HMRC).
  • Your name and address.
  • Details of the tax payment to be deferred.
  • Details of any tax repayments you may be waiting for.

If you haven’t submitted your Return and need to get some help to get it done, please get in touch. We can make things far easier for you to get up to date and save you from the stress of preparing your Return every year!


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