No Self Assessment penalties if return not submitted by 31 January 2022
To see some statistics about how many people submit their returns in previous years click here.
The deadline for submitting and paying your self assessment tax return for the year ending 5 April 2021 is 31 January 2022.
However, similarly to last year, HMRC have agreed to waive penalties for those individuals who are unable to submit their return by the deadline. Instead giving an extension till 28 February 2022.
This may come as a relief to the estimated 5 million people who have yet to submit their return. However, even though penalties will be waived we are still encouraging our clients to submit their return before the usual deadline of 31 January.
This is because HMRC are still able to charge interest on outstanding tax as of 31 January 2022. Furthermore, any return submitted after 31 January will be flagged by HMRC’s system as being ‘late’.
What if I am struggling to pay my self assessment taxes?
If you are unable to pay your tax bill on time HMRC are giving individuals extra time to pay.
If you have filed your return on time, owe less than £30,000, are within 60 days of the payment deadline and plan to pay off your debt within 12 months you can arrange a payment plan online through your government gateway portal.
However, if you do not tick the boxes above, you must call HMRC to discuss your time to pay arrangement.
We are helping our clients navigate their business and taxes through these tough times. To find out how we can help contact us today!