Payment deadline looming for self assessment taxpayers

Self assessment taxpayers must pay any outstanding tax liabilities in full or set up an online payment plan for the 2019/20 financial year by 1 April to avoid incurring penalty charges, HMRC has stated.

Normally a 5% late payment penalty is also charged on any unpaid tax that is still outstanding on 3 March. But this year, because of the impact of the coronavirus (COVID-19) pandemic, HMRC is giving taxpayers more time to pay or set up a payment plan.

Taxpayers can pay their tax bill or set up a monthly payment plan online and are required to do this by midnight on 1 April to prevent being charged a late payment penalty. The online Time to Pay facility allows taxpayers to spread the cost of their self assessment tax bill into monthly instalments until January 2022.

Almost 117,000 taxpayers have set up a self-serve Time to Pay arrangement online, totalling more than £437 million. Find out more about setting up a Time to Pay arrangement here.

Jim Harra, HMRC's Chief Executive, said: 'Anyone worried about paying their tax can set up a payment plan to spread the cost into monthly instalments. Support is available at GOV.UK to help anyone struggling to meet their obligations.'

If you require further guidance on self assessment please contact us.

Latest News

Robert S Boys Chartered Accountants
28-30 Grange Road West
Birkenhead
Wirral
Merseyside
CH41 4DA


Home | Contact us | Site map | Accessibility | Disclaimer | Privacy Notice | Help |

© 2021 Robert S Boys Chartered Accountants. All rights reserved. powered by totalSOLUTION

We use cookies on this website, you can find more information about cookies here.

Robert S Boys is the trading name of Robert S Boys Ltd. Robert S Boys is registered in England & Wales. Registered office address: 28-30 Grange Road West, Birkenhead, Wirral, Merseyside CH41 4DA. Registered in England No: 07478154.

In accordance with the disclosure requirements of the Services Regulations 2009, our professional indemnity insurer is Partner Re Ireland Insurance Limited (Underwritten by on behalf of Nexus Underwriting Ltd) 150 Leadenhall Street, London, EC3V 4QT. The territorial coverage is worldwide excluding professional business carried out from an office in the United States of America or Canada and excludes any action for a claim brought in any court in the United States of America or Canada. We are registered to carry on audit work in the UK by the Institute of Chartered Accountants in England and Wales and details about our audit registration can be viewed at www.auditregister.org.uk, under reference C006982141.