The tax return filing deadline is fast approaching. It’s not too late for individuals to sign up to EY TaxChat, EY’s digital tax return service.
Whilst the tax return filing and payment deadline remains 31 January 2022, HM Revenue and Customs (HMRC) is waiving late filing and late payment penalties for Self-Assessment taxpayers for one month – giving extra time to taxpayers, if needed, to complete their 2020/21 tax return without fear of a penalty. The waivers mean that:
- anyone who cannot file their return by the 31 January deadline will not receive a late filing penalty if they file online by 28 February
- anyone who cannot pay their Self-Assessment tax by the 31 January deadline will not receive a late payment penalty if they pay their tax in full by 1 April
Interest on any tax due will still be payable from 1 February, as usual, so it is still better to pay on time if possible.
Typical self-assessment tax return criteria include:
- Individuals with over £100,000 of income
- Rental income
- Self-employed / partnership income
- Significant investment income (e.g. interest, dividends)
- Trust income
- Property or share disposals
- Pension contributions (exceeding the annual allowance)
To download and register for EY TaxChat click the links below:
To benefit from preferential rates, enter the following referral code when registering: XXX
This article contains information in summary form and is therefore intended for general guidance only. It is not intended to be a substitute for detailed research or the exercise of professional judgment. Member firms of the global EY organization cannot accept responsibility for loss to any person relying on this article.