HMRC has announced that no late penalty will be charged to those who:
- file online by 28th Feb 2022
- pay the tax due in full or set up the payment plan by 1st Apr 2022
The late-filing penalties will operate from 1 March 2022.
A 5% penalty will be charged if the tax payment is not made or the payment plan is not set up by midnight on 1st Apr 2022.
Interest will continue to accrue at the rate of 2.75% on any outstanding liabilities from 1st Feb 2022 onwards.
HMRC has taken this step taking into consideration the COVID -19 scenario which has added pressure on both individuals and as well as tax advisors.
Angela MacDonald, deputy chief executive at HMRC, said: “We know the pressures individuals and businesses are again facing this year, due to the impact of COVID-19. Waiving penalties for one month gives self-assessment taxpayers extra time to meet their obligations.”
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