A recap of HMRC’s proposals to reform the penalties for late submissions to a points based system.
Consultation document proposes moving from a current (accounting) year basis to a tax year basis for reporting tax on self-employed profits.
No late filing penalty if self assessment tax return filed by 28 February 2021, but interest will still be charged on any outstanding liabilities. More time to file your online return and make Time To Pay arrangements.
On 21 July the government published its 10 year strategy for the tax system. This included its plans to extend the Making Tax Digital initiative.