HMRC has announced that it will not charge late filing penalties for 2020/21

HMRC has announced that it will not charge late filing penalties for 2020/21 self assessment tax returns filed online by 28 February 2022. In recognition of the pressure faced this year by taxpayers and their agents, HMRC is to allow an extra month before it charges late filing and late payment penalties for 2020/21 self assessment tax returns and payments.

 

The penalty waivers mean that:

 

  • those who cannot file their 2020/21 return by the 31 January 2022 deadline will not receive a late filing penalty if they file online by 28 February 2022; and

 

  • anyone who cannot pay their 2021/21 self assessment tax due by the 31 January 2022 deadline will not receive a late payment penalty if they pay in full or set up a time to pay arrangement by 1 April 2022.

 

 

ICAEW

Related Post

Reeves urged to abolish the £175,000 residence nil-rate band The Chancellor is facing pressure to eliminate the £175,000 residence nil-rate band in her upcoming Budget. Rachel Reeves previously argued that this allowance, which costs around £2bn annually, primarily benefits the wealthy and now the Resolution Foundation is pushing her to scrap it. In 2011, she stated: “Raising the inheritance tax limit to £1m for […] By Lisa Brownlow, 18 September 2024
Read Now
Small firms responsible for 80% of tax evasion Analysis by the National Audit Office (NAO) shows that small firms are responsible for more than 80% of tax evasion. The report cites HMRC estimates that £5.5bn was lost to deliberate tax evasion in the 2022/23 financial year, with small businesses responsible for 81% of the total. Despite a reduction in the overall tax gap […] By Lisa Brownlow, 16 September 2024
Read Now
Threshold freeze creates 4.4m more taxpayers The number of people paying income tax has increased by 4.4m in three years due to the freeze on thresholds, according to HMRC data. The figures also show that the decision to freeze the personal threshold at £12,570 has pulled an additional 1.77m pensioners into the income tax bracket. There are currently an estimated 37.4m […] By Lisa Brownlow, 3 July 2024
Read Now
↑