HMRC is waiving late filing and late payment penalties for self assessment taxpayers for one month.
The measure will give those taxpayers affected by the coronavirus (COVID-19) extra time, if they need it, to complete their 2020/21 tax return and pay any tax due.
HMRC is still encouraging taxpayers to file and pay on time if they can. The tax authority also revealed of the 12.2 million taxpayers who need to submit their tax return by 31 January 2022, almost 6.5 million have already done so.
The deadline to file and pay remains 31 January 2022. The penalty waivers will mean that:
• 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; and
• 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.
However, interest will be payable from 1 February.
Angela MacDonald, HMRC’s Deputy Chief Executive and Second Permanent Secretary, said:
”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.’
Please contact Cooper Associates Accountants by calling 01823 218550 or email enquiry@caa-ltd.com if you would like further information or advice.
