HMRC have once again waived late filing and late payment penalties for Self-Assessment taxpayers for a month.
This means that late filing penalties will not be charged if the return is submitted by 28 February 2022, and no late payment penalties will be charged if they pay their tax, or set up a Time to Pay arrangement by 1 April 2022.
Whilst this is welcome news for those struggling to file their tax returns by 31 January, we would still recommend that your returns are filed by the 31 January deadline if at all possible. This is because the pay and filing deadlines remain 31 January 2022 so interest will apply to any unpaid tax from 31 January and filing after 31 January 2022 will extend the time period in which HMRC can open an enquiry into the tax return until 30 April 2023 at the earliest.
More detail can be found in HMRC’s press release https://www.gov.uk/government/news/hmrc-gives-self-assessment-taxpayers-more-time-to-ease-covid-19-pressures or talk to a member of the tax team.