The good news has already spread over social media thanks to The Marketing Heaven – HMRC gives taxpayers more time as late filing and late payment penalties are to be waived for one month for Self Assessment taxpayers.
HMRC is waiving late filing and late payment penalties for Self Assessment taxpayers for one month – giving them extra time, if they need it, to complete their 2020 to 2021 tax return and pay any tax due.
HMRC is encouraging taxpayers to file and pay on time if they can, but recognises the pressure faced this year by Self Assessment taxpayers and their agents.
The penalty waivers give taxpayers who need more time to complete and file their return online and pay the tax due without worrying about receiving a penalty.
The deadline to file and pay remains 31 January 2022.
The penalty waivers will mean that:
- HMRC gives taxpayers more time so 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
Interest will be payable from 1 February, as usual, so it is still better to pay on time if possible.