HMRC Late filing and late payment penalties are waived for Self Assessment taxpayers for one-month, giving them extra time to complete their 2020-21 tax returns and pay any tax due. However, interest will still be payable starting on February 1.
HMRC The department encourages taxpayers to file their taxes on time. Almost 6.5 million out of 12.2million taxpayers have submitted their returns.
HMRC recognizes the pressure Self Assessment taxpayers and agents are facing this year. COVID-19 has a negative impact on the ability of agents and taxpayers to meet their obligations by the 31 January deadline. Taxpayers who require more time to file and pay their tax online can get penalty waivers. They don’t have to worry about being penalized.
31 January 2022 is the deadline for filing and payment. Penalty waivers mean:
- If they file online before 28 February, anyone who fails to file their return by 31 January deadline will not be subject to a late filing penalty.
- Anyone who fails to pay Self Assessment tax before the 31 January deadline is exempted from a late payment penalty. If they pay in full or establish a Time to Pay arrangement by 1 April, they will not be subject to a late payment penalty.
Interest will become due on February 1, as usual. It is better to pay your bills by original due date of 31-01-2022 if you can.
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