This afternoon (Monday 25 January), HMRC have confirmed they will extend the deadline for submission of 2019/20 tax returns by 1 month to support businesses impacted due to the pressure of the lockdown and the coronavirus emergency.
The official deadline for submission and payment of anything due to HMRC is usually 31 January, where a late fee of £100 would automatically be added for anything late.
HMRC have confirmed that those who file late will not receive a penalty, providing the return is submitted by 28 February.
However, payment of any tax or national insurance must be made by 31 January, or interest will apply to any payment which is late.
The current interest rate on late payments to HMRC is 2.6%