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It might still pay to declare your tax by 31 January

Although HMRC has pushed back tax deadlines, you may still need to file and pay by 31 January
January 20, 2022

When HM Revenue & Customs (HMRC) pushed back the deadlines for filing your tax return and paying your self-assessment tax earlier this month, you may have pushed these tasks further down your ‘to do’ list. But it may still be in your interests to do these things by the original deadline of 31 January.

The grace period means that if you file your tax return after 31 January but before 28 February you will not receive a £100 late filing penalty. But this also means that the normal 12-month window that HMRC has to open an enquiry into your affairs is extended beyond this length. “If the return is submitted in February 2022, HMRC can open an enquiry for an extended period until 30 April 2023,” explains Chris Etherington, tax partner at RSM.

If you want the peace of mind that, for example, a transaction you have made will not be investigated in an HMRC enquiry, it still makes sense to file your tax return by 31 January. 

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