HMRC has recognised that Covid-19 is affecting the capacity of some taxpayers to file their tax returns by the 31 January deadline. With this in mind they have announced that they will not be charging late filing penalties to Self Assessment customers who file online by 28 February 2022.
For those who pay tax due in full or set up a payment plan by 1 April 2022, the 5% late payment penalty will also not be charged.
The payment deadline is still 31 January and interest will be charged from 1 February for any amounts outstanding.
Taxpayers who cannot afford to pay their tax bill on time can set up an online payment plan to spread the cost over and up to 12 months, to a maximum of £30,000. To do this their 2020-2021 tax return must be filed first.
For more information, please see gov.uk or give us a call on 01844 261155