HMRC waives fines again for late filings
Fines are going to be waived proper whom submits their self-assessment tax return up up to a month after the due date that is normal of January.
February HM Revenue and Customs (HMRC) stated fines wouldn’t be enforced for anyone who files by 28.
The move has been met with shock. Typically, not meeting the deadline results in an automatic £100 penalty.
HMRC stated Covid had placed added force on individuals and taxation advisers to accomplish submissions that are online.
The tax agency said 6.5 million customers had currently filed their tax returns for the 2020-21 year that is monetary just over half of the 12.2 million required to do so.
“we realize the pressures individuals and companies are again facing this, as a result of the impacts of Covid-19,” said Angela MacDonald, HMRC’s deputy chief executive year.
“Our decision to waive penalties for one month for self-assessment taxpayers will give them time that is extra meet their obligations without worrying all about receiving a penalty.”
It’s the 12 months that is second a row that this type of decision has been taken on fines, owing to your pandemic.
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In addition, anyone unable to pay their self-assessment tax by 31 January will not receive a belated payment penalty if they pay their tax in complete, or set a time up to pay arrangement (which spreads the cost over time), by 1 April.
However, interest will nevertheless accrue on any tax that is unpaid 1 February.
Groups tax that is representing and accountants welcomed the move, but said it had been also made to ease force on HMRC.
“It is a very surprising and move that is unforeseen acknowledging possible difficulties taxpayers have faced due to the recent effect of coronavirus,” said Nimesh Shah, chief executive at Blick Rothenberg.
“It is a repeat of just what they did 12 months that is last though the disruption through the pandemic this year has not been as profound.
“However, HMRC may be more concerned by the quantity of returns which remain unfiled, and the pressure to expand the timeframe as the deadline became closer.”
Lucy Frazer, economic secretary to the Treasury, said: “We recognise that Omicron is placing people under pressure, so we are providing huge numbers of people more breathing space to handle their tax affairs.”