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Self Assessment Penalty Deadline Letter From HMRC

Earlier today HMRC has announced extensions to the self assessment penalty deadline which will be welcomed by many.

They have stated that they will not charge:

1. Late filing penalties for those who file online by 28‌‌ ‌February 2022 ( 1month later than the usual 31 January)
2. Late payment penalties ( normally 5% penalty) for those who pay the tax due in full or set up a payment plan by 1‌‌ ‌April 2022.

Normally a 5% late payment penalty is charged on any unpaid tax that is still outstanding on 3‌‌ ‌March. This year HMRC is giving taxpayers more time to pay or set up a payment plan. Self Assessment customers 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 more details on how to apply for time to pay see our article here

Beware interest charges

The official payment deadline for Self Assessment is still 31‌‌ ‌January and interest will still be charged from 1‌‌ ‌February on any amounts outstanding.

The current late payment interest rate is 2.75%

If you need any more advice on the self assessment penalty deadline get in touch with us now by calling 01237 472071

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