Self-assessment taxpayers will be given another month to file their tax returns to ease the workload on HMRC staff, accountants, and other agents.
Penalties and late payment fees are to be waived for a month for any taxpayer who fails to get their tax return in by the usual deadline of the 31st of January.
So far, nearly 6 and a half million individuals have already filed their 2020/21 tax return, though HMRC is expecting another 6 million or so to be filed in January alone. This is a huge amount of work for HMRC staff to deal with, not to mention problems COVID-19 is causing for accountants and other agents dealing with staff absences and work from home orders.
So, although the deadline to file your tax return and pay what you owe remains the 31st of January 2022, you do have another month now without penalties.
Interest will be payable from the 1st of February, as usual, so it is still better to pay on time if possible.
For more information on self-assessments or speak to a qualified accountant about your business’ financial management, head to www.catering-accounting.co.uk or call 03452 410 168.
For more news from us, check here