Owner-Managed Businesses

Self assessment and coronavirus (COVID-19)

Produced by Tolley
  • 07 Apr 2022 13:51

The following Owner-Managed Businesses guidance note Produced by Tolley provides comprehensive and up to date tax information covering:

  • Self assessment and coronavirus (COVID-19)
  • Relaxation of failure to notify penalties in respect of overpaid coronavirus support payments
  • Late filing penalties for 2020/21 tax return
  • Fee protection insurance
  • Reasonable excuse
  • Subsequent late filing penalties
  • Enquiry window and deadline for claims and elections
  • Late filing penalties for 2020/21 tax returns ― bulk appeals
  • Late payment penalties for 2020/21 tax year
  • Amount due on 31 January 2022
  • More...

Self assessment and coronavirus (COVID-19)

HMRC has announced the following coronavirus (COVID-19)-related measures in relation to self assessment:

  1. failure to notify penalties will be relaxed for overpaid coronavirus support payments that are reported on the 2020/21 tax return (announced on 3 February 2022)

  2. late filing penalties will not be charged for any 2020/21 returns filed by 28 February 2022

  3. a temporary facility for agents to appeal 2020/21 late filing penalties in bulk

  4. late payment penalties will not be charged for any tax due in relation to the 2020/21 tax year that is either paid by 1 April 2022 or where a payment plan was set up by 1 April 2022

These measures are discussed further below.

This is in addition to the relaxations for the 2019/20 and 2018/19 tax years:

  1. late filing penalties were not charged for any 2019/20 returns filed by 28 February 2021

  2. a temporary facility for agents to appeal late filing penalties in bulk, which ended on 30 September 2021

  3. late payment penalties were not charged for any tax due in relation to the 2019/20 tax year that was either paid by 1 April 2021 or where a payment plan was set up by 1 April 2021

  4. the second payment on account for the 2019/20 tax year was deferred for all taxpayers

  5. taxpayers struggling to make the self assessment payment due by 31 January 2021 could apply to HMRC for time to pay

  6. daily late filing penalties were not charged in relation to late 2018/19 tax returns

The 2019/20 measures

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