HMRC has revealed that more than one million taxpayers filed their late tax returns in February – taking advantage of the extra time to complete their self assessment without facing a penalty.
Around 12.2 million taxpayers were expected to file a tax return for the 2020/21 tax year and more than 11.3 million submitted their returns by 28 February.
The deadline for submitting tax returns is usually 31 January but, this year, HMRC gave customers an extra month to complete their returns. If customers filed their returns in February, they would avoid a late filing penalty.
HMRC has given customers until 1 April to pay their outstanding tax bill or set up a Time to Pay arrangement in order to avoid receiving a late payment penalty. Interest has been applied to all outstanding balances since 1 February.
Lucy Frazer, Financial Secretary to the Treasury, said: '[The] stats show how vital the extra month was in supporting the cash flows of more than a million self-employed people and businesses across the UK, helping to ensure their survival as we recover from the pandemic.'