Self-assessment late payment penalties to be waived for one month
06 January 2022
Her Majesty’s Revenue and Customs (HMRC) will allow self-assessment workers time to submit filing and make payment for the 2020-21 tax year without incurring penalties. This is being given to ‘ease the pressure’ on taxpayers and agents whose capacity may have been affected by the pandemic.
The deadline to file and pay will remain 31 January 2022, however interest will still be payable from 1 February 2022, it is therefore best to still pay as soon as possible to avoid this. The penalties waived will be for:
• anyone who cannot file their return by the 31 January deadline will not receive a late filing penalty if they file online by 28 February
• anyone who cannot pay their Self Assessment tax by the 31 January deadline will not receive a late payment penalty if they pay their tax in full, or set up a Time to Pay arrangement, by 1 April
As the tax return covers up to 5 April 2021, it is possible that some coronavirus support schemes will be due to be declared. Check to see if there is anything that needs submitting before filing.
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