HMRC announces a one-month filing extension for self-assessments
HMRC has announced that it will not charge late filing penalties for 2020/2021 self-assessment returns filed online by 28th February 2022.
This therefore means HMRC will allow one extra month before it charges late filing and late payment penalties for 2020/2021 self-assessment tax returns and payments.
The statutory deadline of 31 January 2022 remains unchanged and HMRC is encouraging taxpayers who are able to meet the deadline, to do so.
The penalty waivers result in the following:
- those who cannot file their 2020/21 return by the 31 January 2022 deadline will not receive a late filing penalty if they file online by 28 February 2022; and
- anyone who cannot pay their 2021/21 self-assessment tax due by the 31 January 2022 deadline will not receive a late payment penalty if they pay in full or set up a time to pay arrangement by 1 April 2022
It is important to note that late payment interest will be payable from 1 February 2022 at the recently increased rate of 2.75%.
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