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The late filing penalty waiver for self-assessment tax returns filed by 28 February 2022 will also apply to the reporting of overclaimed Covid-19 grants, HMRC has confirmed.
Although the date for reporting overpaid grants in a business’s 2020-21 tax return was 31 January 2022, in accordance with the announcement about the self-assessment deadline and the imposition of penalties, HMRC has told the CIOT that, as long as the return is filed by 28 February 2022 and the overclaim is reported on the 2020-21 return, no penalties will be levied. This is on the proviso that the failure to report the overpayments earlier is not deliberate.
