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:
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
21 April 2021
19 May 2021
21 June 2021