Late filing and late payment penalties are to be waived for one month for Self-Assessment taxpayers
COVID-19 is affecting the capacity of some agents and taxpayers to meet their obligations in time for the 31 January 2022 deadline.
HM Revenue and Customs (HMRC) has announced that late filing and late payment penalties are to be waived, giving extra time to complete their 2020 to 2021 tax return and pay any tax due.
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 2022 deadline will not receive a late filing penalty if they file online by 28 February 2022;
- anyone who cannot pay their Self-Assessment tax by the 31 January 2022 deadline will not be charged the 5% late payment penalty if they pay their tax in full, or set up a Time to Pay arrangement, by midnight on 1 April 2022. Interest will be payable from 1 February 2022, as usual. The late payment interest rate is 2.75%.
