AAT responds to HMRC late filing and late payment penalty waiver for self assessment taxpayers

HMRC has announced today (6 January 2022) that it will temporarily waive late filing and late payment penalties for self assessment taxpayers, allowing them extra time to complete their 2020/21 tax return.

Responding to the announcement, Adam Harper, Director of Professional Standards and Policy, AAT, said:

“AAT welcomes today’s announcement that the government has introduced waivers for the late filing and late payment penalties for those completing self-assessments until 28 February and 1 April respectively. This will give valuable breathing room to many taxpayers and help them to avoid potentially damaging fines at a critical time – not only for them as individuals, but for the UK economy as a whole. It will also help to reduce the impact of unnecessary stress due to Covid-related absences on agents, including AAT members.

“However, as our Accountable campaign highlights, many people may still consider using an unregulated tax agent in order to meet the deadline, putting themselves at risk of receiving poor advice which could lead to significant mistakes and unnecessary costs. We encourage people to ensure that they receive paid-for tax advice from a member of a relevant professional body, such as AAT, to ensure they get up-to-date advice. Our free consumer guide, What you should know before appointing an accountant, can also help you to find a skilled, professional accountant to meet your needs and protect your financial interests.”