10 key reminders to consider ahead of the self-assessment deadline

The 2020-21 self-assessment deadline is almost upon us. Importantly HMRC has again taken the welcome step to waive any late-filing penalties for returns not submitted by 31 January as long as they are submitted by 28 February. This in effect ‘softens’ the filing deadline but does not move the statutory obligation given so many other tax administration points depend on the 31 January date. For example the deadline to amend 2019-20 tax returns remains 31 January. Likewise HMRC confirms that the payment deadline remains unchanged so interest will begin to accrue from 1 February if 2020-21 personal taxes and any resulting payments on account are not paid by 31 January.

An extra concession is that HMRC is not issuing late payment penalties and allowing until 1 April for individuals to pay or set up ‘time to pay’ arrangements. This will be a huge relief to those...