One Week Left For 1.5 Million Tax Returns

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June 25th 2022
Tax Week 12
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One Week Left For 1.5 Million Tax Returns

Late filing deadline of February 28th is fast approaching.

This year HMRC relaxed the penalty dates for the people who submit their online tax return beyond the January 31st deadline.

With over two million tax returns outstanding on January 31st, it saved a lot of people an instant £100 penalty as well as a 5 percent surcharge on any tax due.

The reason for the relaxation were the on-going effects of the pandemic, and pandemic restrictions, on providing people and accountants enough time to get their finances together.

Now the first of the relaxed penalty dates is fast approaching. At the end of February 28th the now 1.5 million people with outstanding tax returns will receive a £100 penalty fine unless they have submitted their tax returns.

With only a week to go from today there is going to be quite the rush.

There is a separate fine for late payments, which is an initial 5 percent surcharge on any tax due - but this was also delayed, to the later date of April 1st. So as long as any tax due is paid by that date, no additional costs will be incurred by the taxpayer. There is still time up until then to set up a Time to Pay arrangement for tax bills of up to £30k.

The Taxman has not been all that generous however. Those tax returns and payments not received by the normal January 31st deadline have been accruing late payment interest on the outstanding balance at the usual HMRC rate.

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