HMRC agree delay in tax return deadline

Posted on 10th January 2022 by Streets Income Tax


Image to represent HMRC agree delay in tax return deadline

HMRC has announced that late filing penalties will be waived for taxpayers that file their 2020-21 Self-Assessment returns by 28 February 2022. The due date of 31 January 2022 remains and HMRC is still encouraging taxpayers to try and meet this deadline. Taxpayers should try and pay their tax bill by 31 January 2022 as interest will accrue from 1 February 2022 on any outstanding liabilities.

There had been concerns from Self-Assessment taxpayers and their agents for the government to soften its stance on late filing penalties in view of the continuing pandemic. The confirmation that no late filing penalty will be issued, giving one month’s grace has been broadly welcomed. 

HMRC expects more than 12.2 million people to complete a Self-Assessment tax return for the 2020-21 and almost 6.5 million returns have already been submitted. 

HMRC’s Deputy Chief Executive and Second Permanent Secretary, said:

'We know the pressures individuals and businesses are again facing this year, due to the impacts of COVID-19. Our decision to waive penalties for one month for Self-Assessment taxpayers will give them extra time to meet their obligations without worrying about receiving a penalty.'

There are also a number of options for taxpayers to defer payments due on 31 January 2022 and pay by instalments over 12 months. This includes using the self-serve Time to Pay facility online for debts up to £30,000 or by making an arrangement with HMRC.


No Advice

The content produced and presented by Streets is for general guidance and informational purposes only. It should not be construed as legal, tax, investment, financial or other advice. Furthermore, it should not be considered a recommendation or an offer to sell, or a solicitation of any offer to buy any securities or other form of financial asset. The information provided by Streets is of a general nature and is not specific for any individual or entity. Appropriate and tailored advice or independent research should be obtained before making any such decisions. Streets does not accept any liability for any loss or damage which is incurred from you acting or not acting as a result of obtaining Streets' visual or audible content.

Information

The content used by Streets has been obtained from or is based on sources that we believe to be accurate and reliable. Although reasonable care has been taken in gathering the necessary information, we cannot guarantee the accuracy or completeness of any information we publish and we accept no liability for any errors or omissions in material. You should always seek specific advice prior to making any investment, legal or tax decisions.


Expert insight and news straight
to your inbox

Related Articles


How to interpret your tax code

The letters in your tax code indicate whether you are entitled to the annual tax-free personal allowance. These codes are updated each year and help employers calculate how much tax should be deducted from your salary. For the current and upcoming


Landlords with undeclared Income

The Let Property Campaign provides landlords who have undeclared income from residential property lettings in the UK or abroad with an opportunity to regularise their affairs by disclosing any outstanding liabilities whether due to misunderstanding


Making Tax Digital – the next step

The mandatory rollout of Making Tax Digital (MTD) for Income Tax is set to begin in April 2026. MTD for ITSA will bring substantial changes to how businesses, self-employed individuals, and landlords interact with HMRC. The system will require them

You might also be interested in...