HMRC have provided taxpayers with an effective filing extension for their tax return, promising that late filing penalties will not be issued for 2019/20 tax returns filed by midnight on 28 February, instead of the usual deadline of 31 January.
Payments are also due by 31 January. However, under the existing penalty regime penalties for late payment do not apply until 30 days after the deadline. So, whilst there is no official extension on the payment deadline no effective penalty will be charged until 30 days have passed. Interest will accrue from 1 February at HMRC's official rate of interest, currently 2.60%.