31st January 2022 Filing Deadline Extended
Personal Tax Planning
Update from HMRC regarding the 31st JANUARY 2022 FILING Deadline
Following the update from HMRC yesterday announcing the extension to the filing deadline for Self Assessments for the year to 5th April 2021 from 31st January 2022 to the 28th February 2022, this is to help ease the pressure on people due to the Covid -19 pandemic.
This means is that for all returns not submitted on the 31st January 2022 but before the 28th February 2022 the automatic £100 late penalty fee will not be charged for this period. The penalty will be charged if you do not submit any tax return due by 28th February 2022.
In addition to this, HMRC have also said that regarding the payment of your tax liability for the year to 5th April 2021 no late payment fees will be charged to you IF you do the following:
- Pay the full amount of tax outstanding before the 1 April 2022 or
- If you manage to get a payment plan set up and in place before the 1st April 2022.
But please remember it does not mean a free pass to not pay your tax until the 1st April 2022, as HMRC have also said that they will still add interest on to any tax amount not paid by the 31st January 2022 and the interest will be applied from the 1st February 2022.
If you have concerns or questions about tax or any of the points above, if you are new to personal tax and need help with your tax planning or if you think you are not taking advantage of any opportunities to reduce your personal tax please get in touch on the number below.
Our Tax team will be able to discuss your options and ensure we make you aware of all opportunities to reduce your tax liabilities. Get in touch with us now for an initial fact finding discussion on the contact details below.