Earlier this month the HM Revenue and Customs Department made the announcement that late filing and late payment penalties were to be waived for an additional month, for all Self Assessment taxpayers in the UK.
This follows the continued pressures that the Covid19 impact has had on small to medium sized Businesses throughout the UK, and will be a huge relief for many Business Owners, as it gives them extra time (if needed), to complete their 2020/2021 tax returns and pay any tax that is due. If you cannot pay what you owe by the end of the month, you won’t receive a late payment penalty, as long as you either pay your debt in full, or set up a payment plan with the tax office by 1st April 2022.
Lucy Frazer, Financial Secretary to the Treasury, stated:
"We recognise that Omicron is putting people under pressure, so we are giving millions of people more breathing space to manage their tax affairs.Waiving late filing and payment penalties will help ease financial burdens and protect livelihoods as we navigate the months ahead.”
At Hubu Accountants, we provide tax return services for a wide range of clients in varying circumstances. If you are Self Employed, a CIS Subcontractor, a Partnership or a Landlord we can complete your Tax Return to ensure that you don't pay any more tax than you need to.
We know that these winter illnesses will be affecting not just those Business Owners and Self Employed people who need to file, but also our fellow Accountants supporting around half the population of tax filers who use an advisor. So this is certainly an extension people should be taking advantage of.