Late Payment penalty for Self-assessment and extensions to payment deadlines

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19th February 2021

19.02.21- Today HMRC has announced that Self assessment tax-payers will not be charged the initial 5% late payment penalty if they pay their tax or make a Time to Pay arrangement by 1 April.
The payment deadline for Self Assessment is 31 January and interest will be charged from 1 February on any amounts outstanding. The deadline has not changed, but this year, because of the impact of COVID 19, HMRC is giving taxpayers more time to pay or time to set up a payment plan.

Payment plans or payments in full must be in place by midnight on 1 April to avoid a late payment penalty.

HMRC recognises the pressure affecting customers due to the pandemic, and anyone worried about paying their tax should contact HMRC for help and support on 0300 200 3822.
The self-serve Time to Pay facility allows customers to spread the cost of their tax liabilities into monthly instalments until January 2022. Customers can set up a payment plan online. Please call the office on 01527 433111 if you need any help with this or any other issue.

Self Assessment customers who have yet to file their tax return should do so by 28 February to avoid a late filing penalty. Please call us if you need help with your filing requirements if we don’t already help you with this. Remember we are here to help.