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To ask the Chancellor of the Exchequer, what assessment he has made of the potential merits of delaying the deadlines for (a) self-assessment and (b) business tax returns for (i) self-employed and (ii) businesses during the covid-19 pandemic.
To ask the Chancellor of the Exchequer, what assessment he has made of the potential merits of delaying the deadlines for (a) self-assessment and (b) business tax returns for (i) self-employed and (ii) businesses during the covid-19 pandemic.
The Government encourages as many self-employed individuals and business partnerships as possible to file self assessment returns on time, even if they cannot pay their tax straight away. Any departure from this simple message increases the risk that taxpayers will miss both filing and payment deadlines unnecessarily or miss out on the simple arrangements HMRC have put in place for securing time to pay.
HMRC know some taxpayers and agents will struggle to meet the deadline, especially given the current public health situation and related restrictions. HMRC are carefully considering how to provide further easements, including options that would significantly simplify the handling of reasonable excuse appeals for HMRC, taxpayers and agents.
HMRC will keep the situation closely under review between now and the filing deadline.
Incorporated businesses should wherever possible file their corporation tax return by the relevant deadline. However, HMRC understand that some businesses may be unable to meet the CT filing deadline this year due to the impact of COVID-19. Where the filing date has not passed, and taxpayers are having filing difficulties, they can contact HMRC to see if it is possible to defer a late filing penalty. HMRC continue to allow this on a case-by-case basis and have recently refreshed internal guidance to ensure that advisers take account of the current circumstances and that a consistent response is provided to all taxpayers.