06/01/2022 by David M Slater

In order to take away some of the pressure of COVID-19 on the self employed, HMRC have confirmed that they will not issue penalties for late filing and payment of 21 Self Assessment tax returns and tax liabilities. This is on the condition that the tax returns are filed by the end of February 22 and then the payments are made by the start of April 22.

The filing and payment deadline will still remain the end of January 22 and where possible taxpayers should still aim to meet the deadline. No penalties will be applied if you file on or before the end of February 22 and pay, or set up an agreement to pay by the start of April 22.

HMRC have stated that they recognise the pressure faced this year by the self employed and their agents due to COVID-19 and the omicron variant. For many taxpayers their returns may be more complex this year due to the requirement to declare grants and payments received from the various support schemes.

The waiver applies to penalties only and interest will still be charged on late payments from 1 February 22 at the newly increased rate of 2.75%. For this reason we suggest taxpayers should still attempt to meet the 31 Jan deadline.

Late filing and payment penalties will apply as normal from 1 March and 1 April unless the taxpayer has a reasonable excuse for being late.

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