One month extension to self assessment tax return filing deadline
HMRC confirmed earlier this month that they will waive late filing penalties for Self Assessment tax returns, providing they are filed by 28 February 2022.
In a press release on 6 January 2022, HM Revenue & Customs confirmed that they are waiving late filing and late payment penalties for Self Assessment taxpayers for one month to give taxpayers extra time to file their tax returns and pay any tax owed.
The usual Self Assessment tax return filing deadline is 31 January 2022, with a penalty of £100 for late submission. This year that late filing penalty will only apply if the return is filed after 28 February 2022.
While the due date for paying tax remains to be 31 January 2022, the usual 5% late payment penalty that applies to any 2020/21 tax unpaid by 28 February 2022 is also moved back a month and will only be applied to any 2020/21 tax still unpaid on 31 March 2022.
However, as the due date for 2020/21 tax is still 31 January 2022, interest will be charged on any tax paid after this date in the usual way. So there is no change to that.
Taxpayers are still encouraged to file and pay by 31 January 2022, and our team are still fully focussed on that deadline, but this news give some welcome grace for any clients who are struggling to compile their tax return information, or to get the funds together to pay their tax.
For further information on this measure, please feel free to contact any of our team.
Key Facts
- The £100 late filing penalty for Self Assessment tax returns won’t apply until 28 February 2022
- This gives an extra month to submit 2021/22 tax returns to HMR
- The usual 5% late payment penalty charged on 28 February is delayed until 31 March 202
- However the due date of tax is still 31 January 2022, with interest charged on late payment
- Taxpayers are still encouraged to file and pay by 31 January 2022 where possible
For further advice on this matter, please contact me.
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