Self-assessment deadline looms

HM Revenue and Customs (HMRC) has warned that time is running out for people who still need to file their self-assessment tax return and avoid a penalty.

The deadline for submitting tax returns was 31 January 2022, but HMRC gave the self-employed extra time to complete their 2020 to 2021 tax return. They have until 28 February to file their return to avoid a late filing penalty.

About 12.2 million self-employed people are expected to file a tax return for 2020 to 2021 tax year and more than 10.2 million were received by 31 January.

In addition, HMRC has given customers until 1 April to pay their outstanding tax bill or set up a time to pay arrangement to avoid receiving a late payment penalty. Interest has been applied to all outstanding balances since 1 February.

Myrtle Lloyd, HMRC’s Director General for Customer Services, said: “There is one week left to complete your tax return if you haven’t done so already. And for anyone who is worried about paying their tax bill, there is support available – search ‘pay my self assessment’ on GOV.UK.”

From 22 February, customers will be able to make self-assessment payments through the HMRC app.