However, tax and advisory firm Blick Rothenberg believe the deadline should be extended by at least another month due to the unprecedented times we are now living in.
The firm’s Robert Salter said: “Given the UK Government's introduction of lockdown throughout England, and the similar restrictions which apply in the other home nations, there should be an extension to the 2019/20 tax return filing deadline which is due by January 31.
"With the various lockdowns people have experienced since March 2020, many are struggling to get together the data that they need – often from 3rd parties.”
At the moment – if there is no extension introduced – then firms would face late filing penalties if they are not able to finalise their tax returns by January 31. These penalties would be automatic, even if there is no tax due.