HMRC update – waiver of late penalty and late payment fees

HMRC has recently announced that they will be waiving late penalty and late payment fees for tax payers filing self-assessments returns until the 28 February due to Covid-19 pressures. However, the deadline to file self-assessment returns will remains 31 January and HMRC advises that returns are filed in advance of the deadline.

The penalty waiver will account for those who:

are not able to file their return by the deadline of 31 January 2022
are not able to pay their self assessment tax by the 31 January 2022 but pay their tax due in full or have set up a “Time to Pay Arrangement” by the 1 April 22

As stated above HMRC advise that all should still aim to pay self assessment tax and file returns by the 31 January 2022. Interest will be payable from 1 February 2022 as usual.

If you require any further information, please do reach out to your BDO contact.

Andrew Bailey
a ndrew.bailey@bdo.co.uk