COVID -19 update

COVID -19 update

HMRC has announced that no penalties will be charged for the late filing of 2020/21 self-assessment tax returns providing that these are submitted by 28 February 2022.

The deadline to file and pay remains 31 January 2022. The extension of the deadline means that anyone who cannot file their return by the end of January will not receive a late filing penalty if the submission is made by 28 February. Interest will still be charged on any tax due on 31 January 2022 that has not been paid by that date.

The extension also means that anyone who cannot pay their self-assessment tax by the 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 31 March. Normally this tax-geared penalty applies to unpaid tax as at 28 February so has similarly been pushed back one month.

Figures show that 12.2m taxpayers still need to submit their tax return by 31 January 2022 with 6.5m already having done so. 

We are urging all clients to continue to work towards the 31 January deadline, where possible, to avoid any interest being charged on unpaid tax.

If you have any questions, please contact Adrian Dunkley on 0114 2729476.