The annual deadline for submitting your online Self Assessment and paying any tax owed is midnight on 31st January each year. HM Revenue & Customs has extended the Tax Return/Self-Assessment deadline by a month, until 28 February, after conceding that some people were struggling due to COVID-19 crisis and needed more time.
Important! You have time to submit the self assessment online by 28 February but you still need to pay the tax you owe for the tax year 2020-2021 by 31st January 2022
Yes, it might sound odd, but as mentioned above, for the 2020/21 Self Assessment filing usually due by 31st January 2022, HMRC has announced that due to the Coronavirus pandemic, there will be no late-filing fine if your 2020/21 Self Assessment is filed late, as long as you file online by 28th February 2022.
Additional fines for late payment
If you didn’t pay in time ( 31st January 2022) then you’ll face these additional fines:
|30 days late||5% of the tax due|
|6 months late||5% of the tax due at that date|
|12 months||5% of the tax due at that date|
How much is the fine if I miss the Self Assessment filing deadline?
You’ll be charged a £100 penalty if you fail to submit your return by the filing deadline – even if there’s no tax to pay. Further penalties of £10 a day are applied after three months, up to a maximum of £900. After six months, you’ll get a further penalty of 5% of the tax owed or £300 (whichever is greater), which is repeated at 12 months.
Let EuroWin Solutions take the pain out of Tax Return/Self Assessment
At EuroWin, we’ll deal with completing your tax return accurately and fast, giving you peace of mind and comfort in the knowledge your affairs have been dealt with by professionals. Our expert certified accountants will take care of you, just like we did for over 2,500 clients in the last tax year.