HM Revenue and Customs (HMRC) has warned retailers to ensure they file their Self-Assessment tax returns and avoid a penalty, ahead of the February 28 deadline.
This year, HMRC has given retailers extra time to complete their 2020/21 tax returns by extending the deadline to February 28, rather than the typical January 31 deadline.
HMRC has also given customers until April 1 to pay their outstanding tax bill or set up a time to pay arrangement to avoid receiving a late payment penalty. Interest has been applied to all outstanding balances since February 1.
Already, 10.2 million out of the 12.2 expected tax returns were received by January 31.
Myrtle Lloyd, HMRC’s Director General for Customer Services, said: “There is one week left to complete your tax return if you haven’t done so already. And for anyone who is worried about paying their tax bill, there is support available – search ‘pay my Self-Assessment’ on GOV.UK.”
From February 22, customers will be able to make Self-Assessment payments quickly and securely through the HMRC app. Customers choosing to make secure Self-Assessment payments through the HMRC app can either connect to their bank to make their payments or pay by Direct Debit, personal debit card or corporate/commercial credit/debit card.