HMRC announces one-month self-assessment penalty waiver

HMRC has stated that for 2020/21 self-assessment tax returns submitted online by 28 February 2022, there will be no late filing penalties. However it’s worth noting that, beginning 1 February 2022, late payment interest will be charged at the raised rate of 2.75 percent.

The statutory filing and payment deadlines of 31 January 2022 remain intact, and HMRC encourages all taxpayers who are able to meet the deadline to do so. Wright Vigar will be working to the 31 January deadline however as we have plenty of work scheduled for February!

The penalty waivers mean that:

• anyone who cannot file their 2020/21 return by the 31 January 2022 deadline will not be penalised if they file online by February 28, 2022; and
• anyone who cannot pay their 2021/21 self-assessment tax due by the 31 January 2022 deadline will not be penalised if they pay in full or set up a time to pay arrangement by April 1, 2022, but interest is still charged

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HMRC is allowing taxpayers to use its self-service time to pay facility if they meet the criteria (i.e. that they have filed their latest tax return and the liability is less than £30,000). Details of arrangements for leisure and hospitality businesses were announced on 21 December to be considered on a case by case business.

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