More than 10. 2 million taxpayers filed sa return by 31 january

More than 10.2 million taxpayers filed SA return by 31 January

More than 10.2 million taxpayers filed SA return by 31 January
More than 10.2 million taxpayer filed their 2020/21 tax returns by the 31 January deadline, according to HMRC.
Some left it late – more than 630,000 people filed on deadline day, with the peak hour for filing between 4pm–5pm when 52,475 completed their Self Assessment; 20,947 taxpayers did so between 11pm and midnight.
With more than 12.2 million people expected to file a Self Assessment tax return this year, that leaves two million taxpayers still to do so. They have until 28 February to submit their late 2020/21 tax return and avoid a late filing penalty.
Interest will be applied to outstanding balances from 1 February, unless the taxpayer concerned has set up a Time to Pay arrangement with HMRC. Customers have until 1 April to pay their tax in full to avoid a late payment penalty.
Myrtle Lloyd, HMRC’s Director General for Customer Services, said: “We’re waiving penalties this year, to give those who missed the deadline an extra month. And customers can set up a monthly payment plan online if they’re worried about paying their tax bill. Search ‘Self Assessment’ on GOV.UK to find out more.”
The existing Time to Pay service allows taxpayers who are unable to pay their bill in full to spread their tax payments into manageable monthly instalments. Self Assessment customers with up to £30,000 of tax debt can do this online once they have filed their return.
If customers owe more than £30,000, or need longer to pay, they should call the Self Assessment Payment Helpline on 0300 200 3822.
The 2020/21 tax return covers earnings and payments during the pandemic. Taxpayers will need to declare if they received any grants or payments from the Covid-19 support schemes up to 5 April 2021 on their Self Assessment, as these are taxable, including:
• Self-Employment Income Support Scheme.
• Coronavirus Job Retention Scheme.
• other Covid-19 grants and support payments such as self-isolation payments, local authority grants and those for the Eat Out to Help Out scheme.
The £500 one-off payment for working households receiving tax credits should not be reported via Self Assessment.