Posted by jonathanfullarton - January 6, 2022 3:04 pm Self Assessment Penalty Waiver

Today, HMRC announced that they will not charge filing penalties for taxpayers who file their Self Assessment returns by 28 February 2022 or late payment penalties for individuals who pay the tax due either in full or who set up a payment plan by 1 April 2022.

This is a move to provide taxpayers and their representatives additional time if they require it.  This will operate in the same way last year.

Time to Pay

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

Please be aware, that interest will be charged from 1 February 2022 on any amounts outstanding. A 5% late payment penalty will, thereafter, be charged on any unpaid tax that is still outstanding on 3 March 2022.  Self Assessment taxpayers will not be charged the 5% late payment penalty if they pay their tax or set up a payment plan by midnight on 1 April.

For further details on the SA Penalty waiver announcement please click here.

To set up a payment plan or for more details of Time to Pay please click here.