HMRC Waives Late Filing Tax Return Penalties

1 min read

Phoebe Adshead key responsibilities lie in marketing; ensuring that businesses are aware of the products, services and expertise available from The HBP Group.

The deadline to file and pay remains 31 January 2022

The penalty waivers will mean that:

anyone who cannot file their return by the 31 January deadline will not receive a late filing penalty if they file online by 28 February
anyone who cannot pay their Self-Assessment tax by the 31 January deadline will not receive a late payment penalty if they pay their tax in full, or set up a Time to Pay arrangement, by 1 April

Interest will be payable from 1 February, as usual, so it is still better to pay on time if possible.

Don’t forget, you will need to declare COVID-19 grants on your tax return.

Don’t forget, as a Self-Assessment tax payer you will need to declare any COVID-19 grant payments on your 2020 to 2021 tax return. These grants are taxable.

The Self Employed Income Support Scheme (SEISS) application and payment windows during the 2020 to 2021 tax year were:

SEISS 1: 13 May 2020 to 13 July 2020
SEISS 2: 17 August 2020 to 19 October 2020
SEISS 3: 29 November 2020 to 29 January 2021

SEISS is not the only COVID-19 support scheme that should be declared on your tax return. If you received other support payments during COVID-19, you may need to report this on your tax return if you are:

self-employed
in a partnership
a business

The following COVID-19 support schemes will also need to be reported:

the Self-Employment Income Support Scheme (SEISS)
test and trace or self-isolation payments in England, Scotland and Wales
the Coronavirus Job Retention Scheme (CJRS)
Eat Out to Help Out
Coronavirus Statutory Sick Pay Rebate
Coronavirus Business Support Grants

For information on reporting coronavirus (COVID-19) grants and support payments see: Reporting coronavirus (COVID-19) grants and support payments – GOV.UK.

About

The HBP Group specialise in helping businesses increase efficiency through better use of IT and ERP solutions, freeing up their time to focus on growth.

How much time are you wasting?

Are IT or ERP bottlenecks holding back your business? Find out how we help businesses get the most from their IT and software.

Discover IT

Discover ERP

HMRC Waives Late Filing Tax Return Penalties

The deadline to file and pay remains 31 January 2022

Related Articles

Transform Meetings with AI: Save Time and Boost Productivity

The Importance of Planning in Business IT Solutions

Managed IT Support for Business: A Game Changer for Efficiency

Categories

About

How much time are you wasting?