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The extended deadline of 28 February for Self-Assessment tax returns is very nearly here. HM Revenue and Customs (HMRC) has given people extra time this year, if they need it, to complete their 2020/21 tax return and pay any tax due.
While the deadline to file and pay was 31 January 2022 as usual, this year HMRC is waiving late filing and payment penalties for Self-Assessment taxpayers for one month.
What does this mean for Self-Assessment taxpayers?
- anyone who cannot file their return by 31 January 2022 will not receive a late filing penalty if they file online by 28 February
- anyone who hasn’t paid 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
Simon Hurren, Tax Director at Scrutton Bland commented: “It’s great to see that HMRC has recognised the pressure faced this year by many Self-Assessment taxpayers and their agents. The current situation with COVID-19 has affected the ability of many taxpayers and their agents to meet their obligations in time for the 31 January deadline. HMRC’s penalty waivers have given taxpayers who need it a bit more time to complete and file their return online and pay the tax due without worrying about receiving a penalty.”
Simon continues: “It’s worth noting that while the extension to the penalty deadline has been good news for some, interest on their tax return will still be payable from 1 February, so it is still better to pay on time if possible.”
Our tax team of friendly, professional advisers have been helping individuals navigate their way through the tax system for many decades, helping to avoid any unexpected bills and finding ways in which to mitigate tax exposure. For more information, please call 0330 058 6559 or email hello@scruttonbland.co.uk
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