Business is booming.

Payment deadline looms for self-assessment taxpayers

Self-assessment taxpayers have just under a week to settle bills on their 2020-21 return to HM Revenue & Customs — or set up a payment plan — to avoid penalties.

The tax authority has urged anyone unable to settle a bill of less than £30,000 before the April 1 deadline to access its online Time to Pay service. Those who owe more than £30,000 and cannot pay should call the self- assessment payment helpline on 0300 200 3822.

A 5 per cent late payment penalty will be charged on unpaid tax after midnight on April 1, with further charges after six and 12 months if the bill remains unsettled with no payment plan set up.

Myrtle Lloyd, HMRC’s director-general for customer services, said: “We understand some customers might be worrying about paying their self- assessment bill this year, and we want to support them. There is still time to set up a payment plan.”

This year’s self-assessment deadline was January 31 but, following the pandemic, HMRC gave customers extra time to file and pay their 2020-21 tax return without penalties.

Source link

Comments are closed, but trackbacks and pingbacks are open.