Insider: March 2022

Feb 28, 2022

TWO MILLION PEOPLE MISSED SELF-ASSESSMENT DEADLINE

More than two million people missed a self-assessment tax return deadline on 31 January 2022, according to HMRC.

The tax authority said more than 10.2 million returns were filed ahead of the original deadline, leaving 2.3m still to file.

Late-filers had until 28 February 2022 to file their 2020/21 tax returns online before being fined, due to pressures ensuing from the pandemic.

However, interest on outstanding tax bills is accruing at 3% and HMRC’s late-filing penalties regime kicks in as usual from 1 March 2022.

Late-paying taxpayers have until 1 April 2022 to pay their tax bills in full, or set up a time-to-pay arrangement.

These arrangements spread the cost of repaying tax bills of up to £30,000 into manageable monthly instalments, usually over a period of up to 12 months.

A 5% late-payment penalty will be charged if tax is not paid or a payment plan has not been set up by midnight on 1 April 2022.

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