On this episode of No Accounting for Taste, the AccountingWEB team chart the highs and lows of a week that saw HMRC bow to pressure and waive self assessment late filing penalties for one month.

There was only one story that gripped accountants this week and that’s the self assessment.

This week saw HMRC deliver a last minute reprieve for accountants overwhelmed with Covid support work, homeschooling and of course tax returns.

After months of standing firm against relaxing the SA deadline, HMRC recognised “the immense pressure that many people are facing in these unprecedented times” and realised that “it has become increasingly clear that some people will not be able to file their return by 31 January”.

HMRC’s 11th hour U-turn gives taxpayers “the breathing space they need to complete and file their returns, without worrying about receiving a penalty”, but has also left frustrated accountants to ask: why did they wait so long?

Richard Hattersley and John Stokdyk are joined in accountants' corner this week by Jo Wood, who runs a virtual FD service, to chew over the implications of HMRC's late filing penalty climbdown.

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