The 2020/2021 Self-Assessment deadline to complete your tax return for the 2020 to 2021 tax year remains the 31st January 2022, however the late filing and late payment penalties have been waived for the first month only, giving people until 28th February 2022 to submit their late tax returns without receiving penalties.
However, interest will still be payable from 1st February, which has increased to 2.75% from 2.6%, giving an incentive to still pay early to avoid racking up interest fees.
This new change means:
- If you’re unable to file your return by the 31st January deadline, you will not receive a late filing penalty as long as you file online by 28th February 2022.
- For those who are unable to pay their Self-Assessment tax, as long as you pay your tax in full or set up a Time to Pay arrangement by the 1st April 2022, you will not receive a late payment penalty.
If you need help with your Self-Assessment, please get in touch with us at enquiries@aitaccountants.co.uk.
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