On 7 January, HMRC announced that there would be no automatic late filing penalties provided that tax returns are filed by midnight on 28 February 2022. Anyone seeking to take advantage of the extra month should keep in mind that it is the penalty trigger, not the filing deadline itself, that has moved. This means that where a return is filed in February there will be no penalty, but the enquiry window will be extended to the relevant quarter day in 2023, i.e. 30 April.
There will also be no late payment penalty where outstanding tax is paid in full, or a time to pay arrangement is agreed, by 1 April 2022. Interest will still apply from 1 February.
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