Following HM Revenue & Customs’ (HMRC) announcement that it is waiving late filing penalties for Self-Assessment taxpayers who file by 28 February, it has now announced that it is waiving the five per cent late payment penalty that usually applies from 3 March for taxpayers who pay or set up a payment plan by 1 April 2021.

Self-Assessment taxpayers who are unable to pay all the tax they owe can set up a self-serve Time to Pay arrangement online, if the debt is less than £30,000, allowing them to pay in monthly instalments until January 2022.

Meanwhile, those who owe more than £30,000 can contact HMRC by phone on 0300 200 3822 to request a Time to Pay arrangement.

Crucially, however, interest continues to accrue on outstanding Self-Assessment tax payments and has been doing so since 1 February.

If you have not yet filed your Self-Assessment tax return, you should do so before 28 February to avoid a £100 penalty.

Please contact us today to find out more about our services for Self-Assessment taxpayers.

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Smailes Goldie Group

Smailes Goldie Group

We are a leading firm of chartered accountants, tax advisors and business advisors offering a full range of financial advice for you, your family and your business. Our clients range from SMEs and large corporations to Owner Managed and Family Businesses, Professional Partnerships, Sole Traders, New Businesses, Charities and the Not for Profit sector.
Smailes Goldie Group

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