Blog.
Accounts made easy.
Late filing penalties are now being issued.
If you failed to file your 2020/21 Self Assesment tax return by 28th February 2022, you will now be charged a late filing penalty. Interest has also been charged on all outstanding liabilities from the 1st February.
So yes - the government did give people extra time to submit their self assessment tax return as the "norm" filing deadline is 31st January. However they have charged you interest for filing late on any tax that has been outstanding. If you failed to file by 28th February you will now face a fine of £100. This will also incur interest.
Why not save the stress of your Self Assessment Tax Return by submitting it in April. Get your accounts to me by the end of April, get them submited, know you tax liability by May and have 9 months to save that amount. Have 9 months to prepare for if you have to Pay on Account. That first year of paying on account can be costly. Find out more about Payments on Account from our previous blog.
So don't wait until deadline! Get it prepared, get it submitted and "know your figures to grow your business!"
To find out more about penalties click here.
