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HMRC has confirmed that the initial 5% late payment penalty on self-assessed tax won’t be charged if the tax is paid, or a time to pay arrangement is agreed, by 1 April.
Taxpayers now have until 28 February to file any late tax returns and to prevent being charged a late filing penalty of £100. They then have until 1 April to pay any outstanding tax or make a time to pay arrangement and sidestep a late payment penalty.
Revised self-assessment timeline
If you haven’t filed your 2019/20 tax return, it’s not too late to get the help you need. Please contact us.
If you deferred VAT payments due between 20 March 2020 and 30 June 2020 and still have payments to make, you can:
Join the VAT deferral new payment scheme
The VAT deferral new payment scheme is now open up to and including 21 June 2021.
If you’re on the VAT Annual Accounting Scheme or the VAT Payment on Account Scheme, you’ll be invited to join the new payment scheme later in March 2021.
The new scheme lets you:
Instalment options available to you
The month you decide to join the scheme will determine the maximum number of instalments that are available to you. If you join the scheme in March, you’ll be able to pay your deferred VAT in 11 instalments or fewer.
The table below sets out the monthly joining deadlines (to allow for Direct Debit processing) and the corresponding number of maximum instalments (including the first payment):
If you join by: | Number of instalments available to you: |
19 March 2021 | 11 |
21 April 2021 | 10 |
19 May 2021 | 9 |
21 June 2021 | 8 |
Avner Sayada Accountants provide professional accountancy services for all types of businesses.
We pride on providing an expert service with a personal and friendly touch.
