Self Assessment – Penalty Waivers

HMRC have announced that late filing and late payment penalties are to be waived for one month for Self Assessment taxpayers.

This means HMRC are giving you extra time, if you need it, to complete your 2020 to 2021 tax return and pay any tax due.

According to the government website,

“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.
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 1st April.
Interest will be payable from 1 February, as usual, so it is still better to pay on time if possible.”

Why have HMRC have decided to extend this deadline and waiver the penalties? 

It’s all due to the pressure COVID-19 has had on people and businesses. Especially on accountants and their clients put under pressure to complete these returns.

Please contact Spectrum on 01179 902218 if you have any questions regarding this change. We are more than happy to explain the change to you.

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Categorised in: Business, HMRC, Self Assessment

This post was written by Daisy Vowles