In good news for Self Assessment (SA) taxpayers, late payment penalties have been waived until 1 April 2021.
The usual penalty of 5% for late payments has now been waived by HMRC until 1 April, due to the impact of the coronavirus pandemic. This allows SA taxpayers extra time to pay their tax in full or agree a monthly payment plan with HMRC.
By using the online ‘Time to Pay’ facility, these monthly instalments can be paid until January 2022, allowing SA taxpayers up to 10 months to spread the cost of their tax bill.
Find out more about how to pay today here.
For any tax queries and assistance, get in touch with Walpole Dunn today or find out more about our personal tax services here!