COVID-19: More help for Self-Assessment taxpayers

by | Feb 22, 2021 | Blog, COVID-19, Self-assessment

On Saturday, HM Revenue and Customs announced that Self-Assessment taxpayers will not be charged the 5% late payment penalty if they pay their tax or set up a payment plan by 1 April 2021.

The Self-Assessment payment deadline was 31 January. Any outstanding payments from 1 February are liable to a 5% late payment penalty, but this year, because of the impact of the COVID-19 pandemic, HMRC are giving taxpayers more time to pay or set up a payment plan.

This updated Self-Assessment timeline should help clarify the new deadline dates:

  • 31 January – Self Assessment deadline (paying and filing)
  • 1 February – Interest accrues on any outstanding tax bills.
  • 28 February – Last date to file any late tax returns to avoid a late filing penalty.
  • 1 April – Last date to pay any outstanding tax or make a Time to Pay arrangement, to avoid a late payment penalty. The online Time-to-Pay facility, allows taxpayers to spread the cost of their Self-Assessment tax bill into monthly instalments until January 2022.

Taxpayers can pay their tax bill or set up a monthly payment plan online at GOV.UK. They need to do this by midnight on 1 April to prevent being charged a late payment penalty. To find out how to pay your Self-Assessment tax bill, click here or speak to a member of our Tax Team today by calling 01454 619900.

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