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Filing extension from HMRC but interest accrues daily

Author: ICAEW

Published: 10 Feb 2022

HMRC have extended the filing deadline for 2020/21 self-assessment tax returns (for the year to 5 April 2021) until 28 February 2021.

They have not, however, extended the payment deadline so any tax due was still payable by 31 January 2022. As a concession, the usual late filing penalties will not be charged until 1 April 2022 but interest at a rate of 2.75% builds up daily on any unpaid amount from 1 February 2022.

What are the penalties for this year?

  • £100 if your tax return has not been filed by 1 March 2022
  • 5% of the unpaid tax if you have not paid by 1 April 2022 or do not have a payment plan in place
  • Further penalties if the return and tax outstanding for more than 6 months

Get help

Get help with filing and payment plans from an ICAEW Chartered Accountant by searching for a Business Advice Service (BAS) firm

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