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HMRC Update

HMRC published a press release on 6th January 2022, confirming self-assessment taxpayers will be given more time to submit their tax return and pay any tax due because of  COVID-19 pressures.

In summary:

• anyone who cannot file their return by the 31^st January deadline will not receive a late filing penalty if they file online by 28^th February; and
• anyone who cannot pay their Self-Assessment tax by the 31^st 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^st April 2022.

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

We would advise you to read the full press release to ensure you are fully aware of how this relates to you and your circumstances, a link to which is below

https://www.gov.uk/government/news/hmrc-gives-self-assessment-taxpayers-more-time-to-ease-covid-19-pressures