In July we published our position paper, the Next Financial Year, a multi-disciplinary position paper as a way of looking forward and creating a better business environment to restore employment and the economies on the island of Ireland. We’d now like to hear your updated feedback on one of the proposals in the paper relating to the UK self-assessment deadline.
Amongst other proposals, the paper recommended that HMRC introduce a three-month suspension to the imposition of late filing and payment penalties in respect of 2019/20 self-assessment returns, due for online filing by 31 January 2021.
With just over 4 months to the UK 2019/20 self-assessment filing deadline, we’d like to hear your updated views on this proposal and how your practice is faring in the context of the pandemic. Are you behind due to the pandemic and associated impacts? Do you think HMRC should extend the filing deadline or would that have too much of a negative impact on your fee paying schedule? Should the deadline be kept the same and penalties be suspended if returns are filed within 3 months? Should taxpayers have to apply to use the pandemic as a reasonable excuse or should this be automatic? Any other ideas you may have are also welcome.
Following extensive lobbying from this Institute, Ireland has just announced a four week extension to the Pay & File deadline for those who file online.