Return deadline extended

[boletus]

After just spending a stressful week getting mine in on time;

https://www.thetimes.co.uk/article/h...urns-qtwxwz2zh

HM Revenue & Customs is to waive late-filing penalties for all workers who complete their tax returns up to a month late, after being warned that millions would miss the deadline because of the pandemic.

The taxman will not levy fines as long as people completed their returns by February 28.

[theartfullodger]

FFS..Did mine yesterday, planning paying a large tax (including CGT ) bill today

Oh well, country needs the ££___

[boletus]

FFS..

My words exactly!

planning paying a large tax (including CGT ) bill today

Assume you're aware of this Art;

https://www.armstrongwatson.co.uk/ne...within-30-days

Residential property owners have had their fair share of tax changes to contend with in recent times. However there is a further matter on the horizon which I don’t think has been particularly well publicised. This concerns a fundamental change to the administration of Capital Gains Tax for sales or other disposals of UK residential property from 6^th April 2020. On this date a new 30 day reporting and payment window will come into effect.

Individuals, trustees and personal representatives realising a taxable capital gain from the sale or other disposal of UK residential property will have to make a ‘residential property return’ and a payment on account of CGT within 30 days of the completion of the disposal.

[theartfullodger]

Thanks, yes I was. Had the weird experience of paying a 20/21 CGT bill in November 2020 (within the 30 days ) but then for 19/20 tax year income tax also doing CGT for sale that year....paying today.

I'm alive, I'll settle for that in the present circumstances

[Singhno1]

I heard this in an add on the radio yesterday and got confused with mixed message that the SA is delayed until end of Feb 21, but you must complete the SA by 31st Jan. I read the advice on .gov website advising to complete SA by 31st Jan those who can't complete it will not be penalised but interest will be paid.

Correct me if I interpreted it wrong.

https://www.gov.uk/government/news/n...by-28-february

"We want to encourage as many people as possible to file their return on time, so we can calculate their tax bill and help them if they can’t pay it straight away."

"Taxpayers are still obliged to pay their bill by 31 January. Interest will be charged from 1 February on any outstanding liabilities."

As long as we are made aware that interest will be charged on remains balance then fine. But I rather save the interest money if I can pay by 31st.

[Section20z]

I am not sure why being locked down at home with nothing else to do somehow makes it harder to file your tax return, Can someone please explain ?

[theartfullodger]

I am not sure why being locked down at home with nothing else to do somehow makes it harder to file your tax return, Can someone please explain ?

I’m one of the lucky ones, retired, income not hugely damaged, expenditure seriously down during lock-down, biggest upset is not seeing kids & grand-kids.. No complaints or excuses here, and I’ve done my return. But perhaps a little humanity for others??

Nothing else to do? Lucky you! (Me, I like to keep active & busy).

We (me & her..) know of people who’s income has dropped hugely, stone dead for some periods. Businesses they own gone bust, debts. No longer employed, reliant on UC. Living in small flats, already a bit cramped, but now having to “work from home” whilst also having the kids at home during the week, no longer at school, needing space, internet, equipment, supervision, motivation & question-answering with not enough rooms/desks etc to go round. One couple now breaking up, one moved out to pokey flat while still paying large mortgage. Others driving each other bonkers no doubt: The rise in DV & calls for child helplines tells you all.

Etc etc etc.. People sick - eg cancer - not able to get treatment due to covid, normal support networks stopped (friends, relatives) - not able to sit down and talk things through with your accountant, we’ve all seen the reports of increased impact on mental health. Etc etc etc. I – you - could go on. Doing your tax return might not be #1 priority.

I make no complaints, and realise I’m one of the lucky ones. Perhaps think of and sympathise a little with those in much much worse circumstances?

Best wishes to all, stay safe!