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January 6, 2022

HMRC waives late penalties for Self Assessment taxpayers

By Zoya Malik

Zena Hanks, partner in the Private Wealth team at Saffery Champness, comments:

“HMRC have done the decent thing and recognised that the continued pandemic disruption is affecting many individuals’ ability to get their returns completed on time. It’s better late than never but, like last year, HMRC have cut it close to the wire meaning it will be of little help to many, but welcomed by those that are yet to file their annual self assessment tax return. More than half have already filed, while those taking advantage of the extension will still face interest charges. Just be aware that filing your tax return late does extend the window within which HMRC can open an enquiry.

“Up until very recently HMRC was still saying it had no plans to grant taxpayers an extension for this year’s Self Assessment returns, but it seems the mounting pressures and disruption caused by the surge in Omicron cases seems to have finally hit home.

 

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