Please Mr. Taxman, can we have more time?!

The current explosion in cases of the Omicron variant of Coronavirus and uncertainty about what effect this will have on staff levels in the New Year, has prompted many in the business community to ask HMRC for an extension to the 31st January deadline for the 2020-21 tax return.

Earlier this year, HMRC left it until just 6 days before the deadline to announce the extension to 28th February for the 2019-20 return.

With the possibility of further restrictions in the next few weeks, hospital admissions increasing, childcare issues for employees and the self-employed, and the fact that HMRC is currently overstretched, an extension could be on the cards.

We’ll keep you informed of any Government announcements – so watch this space!

In the meantime, if you require any help preparing your return, please call us on 01384 376964.

Folkes Worton – Accounting for the Future

As promised, below is the update from Friday 7th January on the waiving of late filing and payment penalties for the Self-Assessment tax deadline…

…but BEWARE! Interest will still be charged on any overdue tax debt from 1st February 2022!