HMRC gives Self Assessment taxpayers more time to ease COVID-19 pressures

Late filing and late payment penalties are to be waived for one month for Self Assessment taxpayers.

HM Revenue and Customs (HMRC) is waiving late filing and late payment penalties for Self Assessment taxpayers for one month – giving them extra time, if they need it, to complete their 2020 to 2021 tax return and pay any tax due.

HMRC recognises the pressure faced this year by Self Assessment taxpayers and their agents. COVID-19 is affecting the capacity of some agents and taxpayers to meet their obligations in time for the 31 January deadline.

To find out more visit: Government News

Need help repaying owed tax?

Further assistance is available for people who have already filed their 2020-2021 tax return but fear they will not be able to repay the tax owed within the time frame.

Customers owing less than £30,000 may be able to set up a plan with HMRC’s Time to Pay arrangement online. This tool allows individuals to pay their debt within 12 months.

Individuals must set up this plan within 60 days of the payment deadline to be eligible.

For those that owe over £30,000 or require more than 12 months to pay off the debt, there is assistance available through HMRC’s Self Assessment Payment Helpline on 0300 200 3822.

For further information on all aspects of personal taxation, please contact Chris Moir, head of personal tax at RMT Accountants & Business Advisors, on 0191 256 9500 or via the contact us form