Self-Assessment Tax Return Date Has Been Extended to 28th Feb. 2022 - A Great News For UK Tax Payers
HM Revenue and Customs waived late filing and late payment penalties for self-assessment taxpayers for a month to give them more time to complete their tax returns when needed. 2020 to 2021 and pay all taxes due.
HMRC encourages taxpayers to file and pay on time whenever possible, as the department announces that of the 12.2 million taxpayers who will be required to file their tax returns by January 31, 2022, nearly 6.5 million they already have.
HMRC recognizes the pressure self-assessment filers and their agents face this year. COVID-19 is affecting the ability of some officials and taxpayers to meet their obligations on time before January 31. Tax exemptions give taxpayers who need more time to complete and file their return online and pay the tax due without worrying about a penalty.
The deadline for deposit and payment remains on January 31, 2022. The penalty waiver means that:
● Anyone who cannot file their return before January 31 will not be penalized for late filing if they file online before February 28
● If you cannot pay your self-assessment tax before January 31, you will not receive a penalty if you have paid your tax in full before April 1 or if you have agreed on a payment deadline.
Interest will be due from February 1, as usual, so it is always best to pay on time if possible.
"We understand the pressures that people and businesses are facing due to the effects of Covid-19 this year too," said Angela MacDonald, deputy executive director of HMRC.
"The HMRC will continue to collect the tax, and any amounts paid late will fine 2.75% interest and a 5% surcharge if not paid by April 1", she warned.
He added that failure to meet the deadline could have other implications, such as extending the window of time during which HMRC must open an investigation and that some complaints and elections must also be submitted by the 31st. January.
"We recognize that Omicron is putting people under pressure, so we are giving millions of people more breathing space to manage their tax affairs. Waiving late filing and payment penalties will help ease financial burdens and protect livelihoods as we navigate the months ahead", said Lucy Frazer, Financial Secretary to the Treasury.
More than 45,000 tax returns have been filed during the New Year and New Year, according to HMRC.