ICAEW.com works better with JavaScript enabled.

TAX NEWS

1.5m taxpayers have less than a week to file their returns

Article

Published: 22 Feb 2022 Update History

The deadline for avoiding a £100 late filing penalty for a 2020/21 self assessment tax return is 28 February 2022.

While 10.7m taxpayers have successfully filed their self assessment tax return for 2020/21, a further 1.5m need to file by 28 February 2022 to avoid a £100 late filing penalty. The usual date on which a penalty would have been due, 31 January 2022, was put back by four weeks to allow more time due to the pandemic.

Daily penalties of £10 per day will, in most cases, start to accrue from 1 May 2022 for returns that remain unfiled. 

Time to pay arrangements need to be in place by 1 April 2022 to avoid a 5% late payment penalty. This is also the deadline for setting up a time to pay arrangement online; about 100,000 taxpayers have used this facility. 

Interest is running now on any unpaid tax. An increased rate of 3% applies from 21 February 2022.

ICAEW Know-How from the Tax Faculty

This guidance is created by the Tax Faculty, recognised internationally as a leading authority and source of expertise on taxation. The Faculty is the voice of tax for ICAEW, responsible for all submissions to the tax authorities. Join the Faculty for expert guidance and support enabling you to provide the best advice on tax to your clients or business.

More support on tax

ICAEW's Tax Faculty provides technical guidance and practical support on tax practice and policy. You can sign up to the Tax Faculty's free enewsletter (TAXwire) which provides weekly updates on developments in tax.

Sign up for TAXwireJoin the Tax Faculty

More from the Tax Faculty

Latest news
Making tax digital image
TAXwire

Stay up to date with the latest developments in tax by signing up to the Tax Faculty's weekly enewsletter

Practical guidance
Cover
TAXline

Comprehensive support for Tax practitioners each month from the Tax Faculty and expert contributors.

Technical support
Tax Faculty image
Webinars

Expert advice from the Tax Faculty's technical managers on all the developments in tax policy and practice.