Although the official deadline for filing the 2020/21 Self Assessment tax returns and paying the tax due remains 31st January 2022, HM Revenue and Customs (HMRC) announced on 6th January it would waiver any late filing penalties and late payment penalties for one month.
For anyone who can’t pay their tax by 31st January 2022 will now have until 1st April to pay their tax in full or set up a Time to Pay arrangement with HMRC.
Although there will not be any late payment penalties if the tax is either paid by 1st April or a Time to Pay arrangement is set up by the same date, HMRC has advised that interest will be due from 1st February and this is currently charged at 2.75%.
Date published 25 Jan 2022 | Last updated 25 Jan 2022This article is intended to inform rather than advise and is based on legislation and practice at the time. Taxpayer’s circumstances do vary and if you feel that the information provided is beneficial it is important that you contact us before implementation. If you take, or do not take action as a result of reading this article, before receiving our written endorsement, we will accept no responsibility for any financial loss incurred.