HMRC Tax Extension for Self-Assessment Deadline

It’s that time of year again and we’re here to remind you that a tax extension by HMRC is available for Self Assessment taxpayers.

Today (31st January 2022) would have been the usual deadline for self assessment taxpayers, but here’s the good news! 

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As part of their continued effort to help combat the financial effects of Covid-19, HMRC announced earlier this month, on 6th January 2022, that they will be giving taxpayers an extra month to submit their 2020/21 Self-Assessment tax returns, as an extension for any liabilities due.  

HMRC is encouraging taxpayers to file and pay what’s due on time, but now extra leeway has been given to those of you who may be struggling to meet the deadline. 

A recent YouGov poll conducted on behalf of the NRLA reveals that almost one in four private landlords have been faced with rental income loss due to the pandemic. So it’s no wonder that landlords have experienced some full-blown challenges during Covid-19, especially at tax time. 

The department revealed that of the 12.2 million taxpayers who need to submit their tax returns by the end of this month, almost 6.5 million have already done so earlier this month. But with the added strain that Covid-19 has brought, HMRC stated that Self Assessment taxpayers and their agents may be feeling the pressures this year due to Covid, which is understandable. They’ve stated that the pandemic has continued to affect the capacity of some agents and taxpayers when it comes to meeting their obligations in time.

How to ask for a HMRC tax extension for self assessment taxes?

Here are a few dates as a reminder to clear up any questions you may have regarding tax time:

  • 31st January 2022. Don’t let this information persuade you to delay or procrastinate! Just to be clear, the deadline to file is still this date. 
  • 28th February 2022. The penalty waivers will mean anyone who cannot file their return by the January deadline will not receive a late filing penalty if they file their taxes by 28 Feb, 2022. 
  • 1st April 2022. Anyone who cannot pay their Self Assessment tax by the January deadline or February extended deadline will not receive a late payment penalty if they pay their taxes in full, or enrol to set up a system called ‘Time to Pay’ arrangement by 1st April 2022.
  • For those wondering, the Time to Pay service allows any individual or business in need of the option, to spread their tax payments over time. Self Assessment taxpayers with up to £30,000 of tax debt can do this online once they have filed their return.

HMRC Tax help for the future

Landlords should also take note for the future, because ‘Making Tax Digital for Income Tax’ is an update that will take place for 4.3m self-employed people from April 2024. Under the new system, about a third of taxpayers who are self-assessed, having either income from a business or property exceeding £10,000 per year, will need to keep digital records of their earnings and expenses going forward. This update is planned to be filed to HMRC every quarter using third-party software, instead of the usual submission of an annual tax return.

For more information about how landlords can become more tax efficient or to gain financial help with post-Covid schemes available to landlords, sign up to listen and watch one of our webinars or podcasts. 

If you’re a landlord that would like to brush up on your rights during Covid-19, you can read our Guide to Maintenance during Covid-19. Or view an update on instructions that were directed towards landlords by Housing Minister Christopher Pincher concerning the Covid wave here.

There are a lot of concerns this year on a landlord’s plate, but perhaps this is just one step towards easing that busy to-do list at the start of your year. 

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