Self Assessment Penalty Waiver

Self Assessment Penalty Waiver

HMRC announced on 6th January 2022 that they will not charge for late:

  • filing penalties for those who file online by 28th February 2022
  • payment penalties for those who pay tax due in full or set up a payment plan by 1st April 2022

HMRC are encouraging taxpayers to file and pay on time if they can, but this does give those that unable to additional time if needed.

The Time to Pay options are available to assist taxpayers and once they have filed their 2020-2021 tax return they can set up an online payment plan to spread the Self Assessment bills of up to £30,000 over/up to 12 monthly instalments.

The payments deadline for Self Assessment is 31st January 2022 and interest will be charges from 1st February 2022. Normally a 5% late penalty charge is implemented on any unpaid tax that is still outstanding on 3rd March 2022. The same as last year, this year HMRC is providing taxpayers more time to pay or set up a payment plan.

Self Assessment taxpayers have until midnight 1st April 2022 to pay their tax or to set up a payment plan to avoid the late penalty charge.

For more information please visit: HMRC gives Self Assessment taxpayers more time to ease COVID-19 pressures – GOV.UK (www.gov.uk)