Tax Returns Due & Penalties for late filing

Tax Advice » January 14, 2022

HMRC have announced they will waive late filing and late payment penalties for tax returns for one month.

However, the filing date of 31 January 2022 remains the same. Tax returns for the period April 2020 to April 2021 are due by 31 January 2022. 

If an individual has a tax liability, this is also due for payment by 31 January 2022 (however, no penalties will be charged providing the return is filed by 28 February 2022 and no late payment penalty will apply if the tax liability is paid by 1 April 2022).

If the tax return is filed after this date, the penalties are as follows:-

Up to 3 months late£100
More than 3 months late£10 per day
More than 6 months lateGreater of: 5% of tax liability; and£300
More than 12 months lateGreater of: Relevant % of tax liability and £300

If the tax is paid late, the penalties are:-

Length of delayPenalty
30 dayswaived
6 months5% of the unpaid tax (additional)
12 months5% of the unpaid tax (additional)

Latest Articles

Management Buy Out – Changes by HMRC
Clients moving overseas - tax considerations
The Financial Remedies Journal
Principal Private Residence (PPR) restriction for married couples living apart
A taxable gain on a property that has gone down in value?