HMRC has waived late filing and late payment penalties for self assessment taxpayers by one month, effectively delaying the tax return deadline to 28 February
HMRC has announced that it will not give out financial penalties for late filing and late payments for self assessment tax returns which will give more time for taxpayers to complete and submit 2020-21 tax return online and pay any tax due.
The deadline to file and pay remains 31 January 2022 however the extension of the deadline means that anyone who cannot file their return by the end of January will not receive a late filing penalty if they file online by 28 February.
The waiver also means that anyone who cannot pay their self assessment tax by the 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. HMRC states that interest will still be payable from 1 February as usual.
Figures show that 12.2m taxpayers still need to submit their tax return by 31 January 2022 with 6.5m already having done so.
HMRC states that it recognises the pressure faced by taxpayers and their agents this year with the Covid-19 Omicron variant and has halted the penalties to help ease the worry of receiving a fine however, HMRC continues to encourage taxpayers who can submit and pay on time to do so.
‘We know the pressures individuals and businesses are again facing this year, due to the impacts of Covid-19. Our decision to waive penalties for one month for self assessment taxpayers will give them extra time to meet their obligations without worrying about receiving a penalty.’Angela MacDonald, HMRC
If you have questions about your self assessment contact AJR & Co Ltd.