Blick Rothenberg Announces Tax Filing Deadline Extended Until February

Taxpayers should pay what they owe to HMRC and file tax returns today, if possible, despite the deadline being extended until the end of February, say leading tax and advisory firm Blick Rothenberg.

Robert Salter, a tax services director at the firm, said: ‘The extended deadline ensures that taxpayers avoid needless penalties and gives them the extra time needed to gather missing data, which may have been difficult to gather during the pandemic. However, the sting in the tail is that the  deadline of 31st January is still important, and payments should still be made.’

Taxpayers will be left with a surprise in relation to interest and surcharges for late payment of tax if they wrongly believe the extension also applies to paying their tax. HMRC requirement today and any late paid amounts will attract daily interest at 2.75%, annualised rate, and a 5% surcharge if not paid by 2nd March.’

He added: ‘In addition, even though tax returns filed by 28th February will not be late for basic late payment penalties, in other ways, the tax return will still be ‘late’, which can mean, for example, that the deadline for HMRC to raise an enquiry into the tax return is automatically extended.’

‘I would recommend that taxpayers file their returns today, 31st January, if they have all the information required. E31st January is not possible to file the tax return by this date, there may be some benefit for those taxpayers who are expecting a significant tax liability on their tax returns, e.g., because of capital gains or other income which isn’t subject to any withholding taxes, to make an estimated payment today to minimise any interest charges which might otherwise be due.’