HMRC has announced that the late filing and late payment penalties for self-assessment taxpayers will be waived for one month, giving extra time to complete the 2020/21 tax return and pay any tax due. The filing and payment deadline of 31 January 2022 will remain unchanged.
The waiver will mean that:
no late filing penalty will be charged if the return is filed online after 31 January 2022 but on or before 28 February 2022; and
no late payment penalty will be charged if the self-assessment tax that cannot be paid by the 31 January deadline is paid in full, or a time to pay arrangement is set up, by 1 April 2022.
Interest on outstanding tax payments will still be payable from 1 February as usual.
Katharine Arthur, head of private client at haysmacintyre, said that HMRC’s decision to waive late filing and payment penalties for self-assessment taxpayers would come as a welcome relief for many individuals and trustees. ‘However, it is particularly important that those who can file their returns and pay any tax due still do so by the 31 January deadline,’ she said. ‘Those who do not pay by this date will still be required to pay interest on any late paid tax – which could be costly for many.’
HMRC has announced that the late filing and late payment penalties for self-assessment taxpayers will be waived for one month, giving extra time to complete the 2020/21 tax return and pay any tax due. The filing and payment deadline of 31 January 2022 will remain unchanged.
The waiver will mean that:
no late filing penalty will be charged if the return is filed online after 31 January 2022 but on or before 28 February 2022; and
no late payment penalty will be charged if the self-assessment tax that cannot be paid by the 31 January deadline is paid in full, or a time to pay arrangement is set up, by 1 April 2022.
Interest on outstanding tax payments will still be payable from 1 February as usual.
Katharine Arthur, head of private client at haysmacintyre, said that HMRC’s decision to waive late filing and payment penalties for self-assessment taxpayers would come as a welcome relief for many individuals and trustees. ‘However, it is particularly important that those who can file their returns and pay any tax due still do so by the 31 January deadline,’ she said. ‘Those who do not pay by this date will still be required to pay interest on any late paid tax – which could be costly for many.’
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