The normal deadline for submitting an online tax return is the 31st January after the year end.
For 2020 tax returns the deadline would usually have been 31st January 2021.
It has been announced that late return penalties will not be issued on 31st January this year… as long as any outstanding returns are filed online by 28th February 2021.
Interest on any unpaid tax will continue to be added from 1st February… and until the tax return is completed people will not know what their tax liabilities are.
I always recommend that tax returns are completed as soon as possible after the year end so that any refunds can be issued and tax liabilities planned for.
At the latest, October is a good deadline to use.
Particularly for the self-employed and those with rental properties, it is important to have your accounts prepared as soon as possible to use for planning your business activities.
Otherwise, you may be continuing to pursue activities that are not bringing in profits…
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