Tax returns are another worry to tick off your list. As well as offering support for the self-employed and recently unemployed, the Chancellor of the Exchequer announced on Friday tax returns will be deferred until the coronavirus situation has calmed down. So how long has the deadline for tax returns been extended?
What is Self Assessment of taxes?
Self Assessment is a system HM Revenue and Customs (HMRC) uses to collect Income Tax.
Tax is normally deducted automatically from wages, pensions and savings.
Other income must be reported in a tax return.
Those who need to send one must fill it in after the end of the tax year.
Check if you need to send one here
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When is the Self Assessment payment deadline?
Normally the tax return deadline is April 5, but Chancellor of the Exchequer Rishi Sunak announced on March 20 the deadline has been delayed due to the impact of coronavirus.
Instead, self-assessment tax is to be paid in January 2021.
How do you send a tax return?
You can file your tax return online here
Alternatively, you can download a paper form here
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What happens if you don’t send a tax return?
You will get a penalty if you need to send a tax return and do not by the deadline.
If your return is up to three months late, you will be fined £100.
If it is later, you will have to pay more.
You will also be charged interest on late payments.
Luckily, the Chancellor has extended the deadline so you can forget about this until January 2021.
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