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Sage Taxation: HMRC gives Self Assessment taxpayers more time to ease COVID-19 pressure

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Summary

This guide gives an overview of the one month waiver for Self Assessment taxpayers.

Description

HM Revenue and Customs (HMRC) is waiving late filing and late payment penalties for Self Assessment taxpayers for one month – giving you extra time, if you need it, to complete your 2020 to 2021 tax return and pay any tax due.

HMRC still encourages you to file and pay on time if you can, but recognises the pressure a lot of Self Assessment taxpayer are under.

Resolution

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 1 April

NOTE: Interest will be payable from 1 February, as usual, so it is still better to pay on time if possible.

Read more about this from HMRC here >

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