January is the busiest time for tax returns with accountants and agents working all hours to get self-assessment submissions in for their clients. But due to the pandemic, there's been a lot of disruption, so HMRC recently announced some good news ...
HMRC may have given taxpayers extra time, but interest will be payable from the 1st of February!
This was that they are giving taxpayers an extra month to submit their tax return and they'll waive late filing and late payment penalties for self-assessment taxpayers. A lot of busy accountants took a big breath of relief went his announcement was made.
"However, the deadline to file and pay remains the 31st of January 2022!"
So, you really should file your self-assessment tax return by the 31st of January, but if you're late you won't get a late-filing penalty if you file before the end of February instead. And you won't get a penalty as well if you pay your tax in full or set up a Time to Pay arrangement with HMRC before the 1st of April 2022.
HMRC has published more information on this which you can read by clicking here. Interest will be payable from the 1st of February, as usual, so it is still better to pay on time if possible.
And don't forget there are a lot of scammers out there pretending to be from HMRC, so be very careful what information you share if someone gets in touch with you about your self-assessment tax return.
Until next time ...
ALISON MEAD
Would you like to know more?
If anything I've written in this blog post resonates with you and you'd like to discover more, it may be a great idea to give me a call on 01604 217365 and let's see how I can help you.
Alison loves bookkeeping and supporting bookkeepers. She has been helping clients to be better bookkeepers in Sage 50 for over 24 years and has been Xero Accredited in accounts and payroll for a number of years too.
She specialises in a very unique hand-holding method of training, helping bookkeepers and business owners to use their accounts software as and when they need support in setting up and producing their invoices, reports and financial information.
Alison combines her role at Silicon Bullet with her Forever Living network marketing businesses and is often to be seen at business networking meetings as she likes to keep busy.
You know what they say: if you want something done well ask a busy person!
No unauthorised use, duplication, distribution or modification to any original content contained within this blog is permitted without prior written permission of the author. All other trademarks and registered names are acknowledged.
