HMRC announce help for those struggling with Self Assessment
Self employed beauty and hair professionals who pay their taxes via Self Assessment are being given more time if needed to file their returns and pay their tax.
Self Assessment tax returns for 2020 to 2021 are due to be submitted online by 31st January, however HM Revenue and Customs (HMRC) is waiving late filing and late payment penalties for one month until 28th February.
The penalty waivers are in recognition of the pressures faced at this time by Self Assessment taxpayers due to COVID-19. The penalty waivers give taxpayers who need it more time to complete and file their return online and pay the tax due without worrying about receiving a penalty.
It should be noted that the deadline to file and pay remains 31st January 2022. However, the penalty waivers mean that anyone who cannot file their return by 31st January will not receive a late filing penalty if they file online by 28th February.
Normally a 5% late payment penalty is charged on any unpaid tax that is still outstanding on 3rd March. This year, Self Assessment taxpayers will not be charged the 5% late payment penalty if they pay their tax or set up a payment plan by midnight on 1st April.
Commenting on the penalty waiver, Lucy Frazer, Financial Secretary to the Treasury, says:
“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.”
HMRC
0300 200 3822
